/raid1/www/Hosts/bankrupt/TCRAP_Public/250411.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, April 11, 2025, Vol. 28, No. 73
Headlines
A U S T R A L I A
ADVANCED ROBOTIC: Second Creditors' Meeting Set for April 15
AUSJET HOLDINGS: First Creditors' Meeting Set for April 15
BOD SCIENCE: Advances Corporate Restructuring with Biortica
FALCON CAPITAL: Court Appoints FTI Consulting as Liquidators
HEALTHSCOPE: Wants to Return Northern Beaches Hospital to Gov't.
INNERWEST PRESCHOOLS: First Creditors' Meeting Set for April 15
MINISO MASTER: Facing Winding Up Order After Collapsing Twice
POTTER'S PANTRY: First Creditors' Meeting Set for April 15
RAPD INVESTMENTS: First Creditors' Meeting Set for April 15
STAR ENTERTAINMENT: Completes Sydney Centre Sell-Off
C H I N A
JUBILANT FLAME: Posts $60K Loss in 2024, Has Going Concern Doubts
H O N G K O N G
CK HUTCHISON: Rejects Accusations Over Panama Ports Payments
I N D I A
AMBA AUTO: Ind-Ra Moves BB+ Loan Rating to Non-Cooperating
AMIR EDUCATION: CRISIL Keeps B Debt Ratings in Not Cooperating
ASTHA SPINTEX: Ind-Ra Keeps BB+ Loan Rating in Non-Cooperating
BAHUBALI MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
BALAJI INDUSTRIES: ICRA Keeps B+ Debt Rating in Not Cooperating
CHANDRAKONA COLD: Ind-Ra Cuts Term Loan Rating to D
COUNTRY CLUB: ICRA Keeps D Debt Ratings in Not Cooperating
DEE-TECH PROJECTS: Ind-Ra Withdraws B+ Bank Loan Rating
EXCELL AUTOVISTA: Ind-Ra Affirms BB+ Bank Loan Rating
FIVE VISION: CRISIL Keeps B+ Debt Ratings in Not Cooperating
GAJRAULA ROLLER: CRISIL Keeps B+ Debt Ratings in Not Cooperating
GANGA PULP: CRISIL Keeps B Debt Ratings in Not Cooperating
GANPATI RICE: CARE Keeps B- Debt Rating in Not Cooperating
GENSYNTH LABORATORIES: CRISIL Keeps B Ratings in Not Cooperating
GIIS LEARNING: Ind-Ra Assigns BB+ Bank Loan Rating
GOKUL GINNING: CRISIL Keeps B+ Debt Rating in Not Cooperating
GRACE SUPPLIERS: Ind-Ra Hikes Term Loan Rating to BB+
GUALA CLOSURES: CRISIL Keeps B Debt Ratings in Not Cooperating
HALDIA NIRMAN: Ind-Ra Cuts Bank Loan Rating to D
JASMER FOODS: Ind-Ra Withdraws BB Bank Loan Rating
JYOTI ENTERPRISES: Ind-Ra Cuts Bank Loan Rating to D
MINI HOTELS: ICRA Keeps D Debt Ratings in Not Cooperating
OMSAI PROFESSIONAL: CRISIL Keeps B+ Rating in Not Cooperating
PRADHAN ASSOCIATES: CARE Reaffirms C Rating on INR11.50cr LT Loan
PRAHLAD ISPAT: CRISIL Keeps B Debt Rating in Not Cooperating
RAGHURATNA AGRO: CARE Lowers Rating on INR14.36cr LT Loan to B
RAI INFRASTRUCTURE: CRISIL Withdraws B Rating on INR12.60cr Loan
RAM PRAVESH: CRISIL Raises Rating on INR4.85cr Bank Loan to B+
RAWALWASIA YARN: CARE Lowers Rating on INR7.91cr LT Loan to B-
SANJIV OILS: CARE Lowers Rating on INR25.71cr LT Loan to B
SEKO BEC: CRISIL Keeps B Debt Rating in Not Cooperating Category
SHRINIVASA CATTLE: ICRA Keeps B+ Debt Rating in Not Cooperating
SHYAM ENTERPRISES: CRISIL Keeps B Debt Ratings in Not Cooperating
SKYWIN PAPER: CARE Lowers Rating on INR38.12cr LT Loan to B+
SPLENORA TEXTURES: CARE Lowers Rating on INR42.27cr LT Loan to B
SUPREME MANOR: CRISIL Keeps D Debt Ratings in Not Cooperating
T I MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
TARA CHAND: ICRA Keeps D Debt Rating in Not Cooperating Category
THEME EXPORT: CRISIL Keeps D Debt Ratings in Not Cooperating
TIRUPATI BALAJI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
TOTAL EARTH: CRISIL Keeps B Debt Rating in Not Cooperating
TRANS ENGINEERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
VENKATALAKSHMI SPINNERS: CRISIL Keeps B Ratings in Not Coop.
VIJAY AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
N E W Z E A L A N D
AK AIR: Grant Bruce Reynolds Appointed as Liquidator
CONTROL PLUS: Court to Hear Wind-Up Petition on May 8
GEORGE ALICE: Liquidation of Two Transport Companies Completed
HANSELLS MASTERTON: Placed Into Receivership
HOLY GUACAMOLE: Court to Hear Wind-Up Petition on May 6
NZ PANEL: Creditors' Proofs of Debt Due on May 3
WILSON BARBECUE: Creditors' Proofs of Debt Due on May 16
S I N G A P O R E
BLACK & WHITE: Commences Wind-Up Proceedings
CRAFT DRINKS: Court Enters Wind-Up Order
EHUB HOLDINGS: Court Enters Wind-Up Order
VERDANT HABITATS: Commences Wind-Up Proceedings
ZENITHX GLOBAL: Creditors' Meetings Set for April 14
[] SINGAPORE: Eateries in Foodie Haven Close as Costs Rise
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A U S T R A L I A
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ADVANCED ROBOTIC: Second Creditors' Meeting Set for April 15
------------------------------------------------------------
A second meeting of creditors in the proceedings of Advanced
Robotic Technology Pty Ltd has been set for April 15, 2025 at 2:00
p.m. at the offices of SV Partners at Level 3, 12 Short Street in
Southport.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 14, 2025 at 4:00 p.m.
Matthew John Bookless and Abdul Chambal of SV Partners were
appointed as administrators of the company on March 11, 2025.
AUSJET HOLDINGS: First Creditors' Meeting Set for April 15
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Ausjet
Holdings Pty Ltd will be held on April 15, 2025 at 11:00 a.m.
online via Microsoft Teams.
Stephen Earel of Cor Cordis was appointed as administrator of the
company on April 3, 2025.
BOD SCIENCE: Advances Corporate Restructuring with Biortica
-----------------------------------------------------------
TipRanks reports that Bod Science Limited has entered into a Deed
of Company Arrangement with Biortica Agrimed Limited, which
includes a Share Purchase Agreement to acquire Biortica's shares.
The completion of this arrangement is contingent on meeting certain
conditions, including shareholder approvals and compliance with ASX
requirements.
The company reported a net cash inflow from operating activities of
AUD42,000 for Q3 FY2025, with customer receipts increasing
significantly due to new product introductions, TipRanks discloses.
The arrangement and financial updates reflect Bod's strategic
efforts to stabilize and grow its operations amid ongoing corporate
restructuring.
About Bod Science
Bod Science Limited (ASX:BOD), formerly trading as Bod Australia
Ltd, is a cannabis focused drug development and product innovation
company.
Brent Morgan and Andrew Barnden of Rodgers Reidy were appointed
Joint and Several Voluntary Administrators of the Company on Nov.
29, 2023.
On April 8, 2024, creditors resolved that the Company execute a
DOCA proposed by Biortica Agrimed Limited. The DOCA was
subsequently executed on April 24, 2024.
FALCON CAPITAL: Court Appoints FTI Consulting as Liquidators
------------------------------------------------------------
The Federal Court has appointed Ross Blakeley and Paul Harlond of
FTI Consulting as liquidators of Falcon Capital Limited and ordered
the Liquidators to wind up Falcon, the First Guardian Master Fund
and related unregistered subsidiary funds.
The Liquidators were appointed following an application by ASIC.
ASIC took this action as it was concerned about Falcon's management
and operation of First Guardian and the associated risks to
investors.
The Federal Court also ordered that Mr. Paul Allen of PKF Melbourne
be appointed as receiver to the property of David Anderson, a
director of Falcon.
This action follows previous action taken by ASIC in February 2025
to freeze the assets of Falcon, First Guardian and Mr. Anderson to
help protect investor funds while ASIC continues its
investigation.
Investors and creditors can contact the liquidators with any
queries by emailing falcon.investors@fticonsulting.com.
ASIC's investigation is ongoing.
In May 2024, Falcon suspended the processing of applications and
withdrawals from First Guardian subject to some limited exceptions.
Since that time, the vast majority of investors have been unable to
access their funds.
On Feb. 24, 2025, the Federal Court made orders freezing the assets
of Falcon, First Guardian and Mr. Anderson.
ASIC's investigation to date suggests that many investors were
called by lead generators and referred to personal financial advice
providers who advised them to roll their superannuation assets into
a retail choice superannuation fund and then invest into First
Guardian. Some investors received advice to set up self-managed
superannuation funds (SMSFs) to facilitate investments into First
Guardian.
The related unregistered subsidiary funds are as follows:
* the First Guardian Global Income Fund
* the First Guardian Australian Development Fund
* the First Guardian Absolute Equities Fund
* the First Guardian Trulet Innovation Fund
* the First Guardian Global Equity Fund.
HEALTHSCOPE: Wants to Return Northern Beaches Hospital to Gov't.
----------------------------------------------------------------
The Australian Financial Review reports that Healthscope Ltd, the
nation's second-largest private hospital operator, said it would be
willing to hand the troubled Northern Beaches Hospital back to the
NSW government.
The hospital, which opened in 2018, operates in a public-private
partnership with the Minns government, and the contract was not due
to expire for another three years.
Healthscope, which runs 38 private hospitals nationally, is
fighting for its survival as it buckles under $1.6 billion in debt,
the Financial Review notes.
"We believe it is best for the patients, staff and the Northern
Beaches community that it is returned to NSW Health, if that is the
government's preferred outcome," the report quotes Healthscope
chief executive Tino La Spina as saying.
The Financial Review relates that the move came after the state
government said it would ban future public-private partnerships at
acute hospitals, in response to a community campaign over the death
of a two-year-old last September following treatment at the
Northern Beaches Hospital.
"The public pressure brought about by the change in policy re PPP
structures has created uncertainty about the NBH's future and this
has put strain on NBH's people and operations," said La Spina.
Healthscope has been owned by Canadian asset management group
Brookfield since 2019.
An analysis by institutional investor Allan Gray found that private
hospital pre-tax profit margins have halved from 8.7 per cent in
2018 to 4.4 per cent in 2022, the Financial Review discloses.
Soaring costs and lower patient numbers have affected the
profitability of hospital operators around the country since the
pandemic.
HMC Capital's listed HealthCo REIT owns 11 Healthscope properties
and has lost 60 per cent of its sharemarket value since listing in
September 2021.
Another 12 Healthscope hospitals are held in a partnership between
Singapore's GIC and Toronto-listed Northwest Healthcare
Properties.
About Healthscope Limited
Healthscope Limited -- http://www.healthscope.com.au/-- provides
healthcare services. The Company manages a network of hospitals,
clinics, and physicians for the provision of emergency care,
women's services, cancer care, and pediatric services. Healthscope
operates 38 hospitals across Australia.
As reported in the Troubled Company Reporter-Asia Pacific in
mid-March 2025, Healthscope Ltd has appointed restructuring experts
at KordaMentha to prepare a contingency plan in case the country's
second-largest private hospital operator is placed into voluntary
administration.
The company was acquired by Canadian investment giant Brookfield in
2019 but has struggled under a debt pile that has reached AUD1.6
billion. Healthscope has been negotiating with its lenders and has
previously warned it may have breached the conditions of those
loans, according to The Australian Financial Review.
Earlier in March 2025, Healthscope was issued breach notices for 11
of its 38 hospitals after it failed to pay rent due to its
landlord, HealthCo Healthcare & Wellness REIT, an investment
vehicle run by David Di Pilla's HMC Capital.
INNERWEST PRESCHOOLS: First Creditors' Meeting Set for April 15
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Innerwest
Preschools Pty Ltd will be held on April 15, 2025 at 10:00 a.m. via
teleconference only.
Juan Ignacio Otaegui-Campos and Richard Albarran of Hall Chadwick
were appointed as administrators of the company on April 4, 2025.
MINISO MASTER: Facing Winding Up Order After Collapsing Twice
-------------------------------------------------------------
SmartCompany reports that the Australian former master franchisee
for multinational discount retailer Miniso faced a winding up
hearing in the Supreme Court of New South Wales on April 9, less
than 12 months after the business was placed in voluntary
administration for the second time.
SmartCompany, citing a notice published by the Australian
Securities and Investments Commission (ASIC), relates that a total
of 19 related corporate entities are subject to a winding up
application.
This includes Miniso Master Franchisee Pty Ltd, which was
previously the main revenue generating entity associated with
Miniso's business in Australia.
According to SmartCompany, several other headline entities are also
subject to the winding up application, including Miniso Life
Australia Pty Ltd and Miniso Holdings Pty Limited, along with 14
businesses that represented individual stores, mostly located in
Victoria, NSW and Queensland.
The action was commenced on on April 7 by Andrew Spring and Peter
Moore of Jirsch Sutherland, in their capacity as joint and several
deed administrators of the 2nd to 20th plaintiffs.
Along with their colleague Melissa Lau, Mr. Spring and Mr. Moore
were appointed as administrators of these parts of the Miniso
Australia business in May 2024.
It was the second time that parts of the Australian Miniso business
have called in external managers, after the master franchisee and
nine company-owned stores fell into voluntary administration in
July 2020.
In 2020, the financial turmoil at the business was attributed to
the COVID-19 pandemic and restrained consumer spending. In 2024,
the administrators said the business was affected by market forces,
including labour costs, supply chains issues and inflationary
pressures.
Last year's administration included 15 company-owned Miniso stores.
Another 18 outlets operated by franchises were not included in the
administration but were affected by the situation as they sourced
stock from the master franchisee.
Administrator Andrew Spring confirmed to SmartCompany on April 9
that the companies subject to the current court application are no
longer trading any Miniso stores.
Mr. Spring confirmed the stores that were operated by these
companies were either sold as part of the Deed of Company
Arrangement (DOCA) overseen by the administrators, or had already
ceased trading.
SmartCompany understands the DOCA for each of the companies
included in the winding-up application required the companies to
complete a number of conditions within a specified timeframe.
However, those conditions were not met by the deadline, which
prompted the winding up application, SmartCompany states.
Miniso landed in Australia in 2017 with an aggressive expansion
plan to open 300 retail locations across the country in the space
of a few years.
The variety retailer is headquartered in Guangzhou, China, and has
a reputation for 'stack it high, watch it fly' trading.
Miniso Group Holding Limited, representing the brand globally, in
March revealed unaudited revenue of US$2.3 billion for the year to
December 31, 2024.
The business counted 4,386 stores in mainland China.
POTTER'S PANTRY: First Creditors' Meeting Set for April 15
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Potter's
Pantry Bundanoon Pty Ltd will be held on April 15, 2025 at 11:00
a.m. at the offices of Rodgers Reidy at Level 12, 210 Clarence
Street in Sydney.
Andrew James Barnden of Rodgers Reidy was appointed as
administrator of the company on April 4, 2025.
RAPD INVESTMENTS: First Creditors' Meeting Set for April 15
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of RAPD
Investments Pty Ltd will be held on April 15, 2025 at 4:00 p.m. via
electronic means.
Stephen John Michell of PCI Partners was appointed as administrator
of the company on April 3, 2025.
STAR ENTERTAINMENT: Completes Sydney Centre Sell-Off
----------------------------------------------------
News.com.au reports that Star Entertainment has agreed to a AUD60
million divestment of its Sydney event centre, as the casino looks
to quickly raise cash to stave off collapse.
In the casino operator's latest move, it has completed its
divestment of the The Star Event Centre and other additional spaces
within The Star Sydney complex to Foundation Theatres, news.com.au
relates.
"The AUD60 million exclusivity fee paid by Foundation Theatres into
escrow has now been released to The Star as consideration for the
disposal," Star said in a statement.
According to news.com.au, the completion of the deal comes just
days after Star Entertainment announced it was accepting a AUD300
million buyout from US-based casino operator Bally's Corp.
As part of the deal, Bally's will take a 57 per cent equity stake
in Star Entertainment that has saved the Australian casino from
almost certain financial collapse.
Under the proposal, Bally's will inject about AUD250 million into
The Star, while its largest shareholder Bruce Mathieson will
provide more than AUD50 million.
According to a statement on the ASX, Star Entertainment is
expecting to receive the money before the end of the week, allowing
it to meet its near-term financial obligations.
News.com.au relates that the deal with Bally's could help Star
Entertainment end a tumultuous period for the casino after a AUD750
million deal with asset manager Salter Brother fell through.
"The Star has continued to work diligently with Salter Brothers
Capital in relation to the refinancing proposal but has not
received a binding debt commitment letter and the refinancing
proposal has now been withdrawn," an ASX announcement stated.
News.com.au notes that Star Entertainment has been in a trading
halt on the ASX since February 24 after it was unable to lodge
half-yearly results.
The company also faces pressure from the corporate watchdog's
investigation into its operations.
In October 2022, the NSW Independent Casino Commission imposed a
AUD100 million fine on Star after finding the company had allowed
money laundering to take place at its Sydney casino.
A report into the business also found the company had exploited
vulnerable gamblers.
About Star Entertainment
The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.
The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively.
As reported in the the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2025, Star Entertainment has warned that it faces
"material uncertainty" over its ability to stay afloat unless it
finds a solution to its worsening financial woes.
In a quarterly update to investors on Jan. 20, ASX-listed Star said
its revenue had fallen 15 per cent in the December quarter, citing
ongoing weakness in its operating performance. It pointed to a
"challenging" consumer environment, the impact of carded play in
NSW, and expenses caused by a series of regulatory and compliance
problems.
According to The Sydney Morning Herald, the Star reiterated that it
had AUD78 million left in cash - after previously indicating
earlier in the month that it is burning through about AUD35 million
a month - which prompted Morningstar's analyst to warn the company
may not survive until its results in late February.
As it fights for survival, Star said it was continuing discussions
to attempt to deal with the crunch on its finances, but there was
no guarantee it would be able to reach a deal to resolve its
situation, the Herald relayed. It acknowledged the uncertainty over
its ability to continue operating if the negotiations were
unsuccessful.
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C H I N A
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JUBILANT FLAME: Posts $60K Loss in 2024, Has Going Concern Doubts
-----------------------------------------------------------------
Jubilant Flame International, Ltd. filed its Annual Report on Form
10-K with the Securities and Exchange Commission, revealing a net
loss of $59,672 on total sales of $0 for the year ending Feb. 28,
2025, compared to a net loss of $67,365 on zero total sales for the
year ending Feb. 29, 2024.
Beginning in the third quarter of the fiscal year ending Feb. 29,
2020, the Company launched a new business line focused on providing
technical support services for the development of new nutrition
food products. However, the Company has yet to generate any
revenue from this initiative, raising significant concerns about
its ability to continue operations as a going concern.
As of Feb. 28, 2025, the Company had $12,925 in total assets, $1.37
million in total current liabilities, and a total stockholders'
deficit of $1.36 million.
At the same date, the Company had a working capital deficit of
$1,356,585. It currently has limited profitable trading activities
and an accumulated deficit of $3,845,616 as of Feb. 28, 2025.
The Company stated it is exploring options to raise additional
capital, including selling equity securities, issuing debt
securities, or securing loans from financial institutions or
related parties. The goal is to generate enough capital to support
its ongoing business plan in the nutrition food technical services
sector. Management believes that the steps currently being taken
to secure funding offer a potential path for the Company to
continue operating. However, there is no assurance that these
efforts will succeed.
To support its efforts and cash needs, the Company indicated that
it must rely on advances from related parties until it can either
sustain its operations or secure adequate financing through the
sale of equity or traditional debt. It also noted that there is no
formal written commitment from shareholders for continued support,
and the advances are considered temporary and have not been
formalized through a promissory note.
The CEO confirmed her personal commitment to provide financial
support for the next twelve months from the balance sheet date.
As of Feb. 28, 2025, the Company had a $763,424 advance payment
from its CEO, Ms. Yan Li, compared to an outstanding balance of
$693,725 for Ms. Yan Li as of Feb. 29, 2024. The advances are
non-interest bearing, due upon demand, and unsecured. The Company
operates its business from an office provided by the CEO.
In its report dated April 3, 2025, the Company's auditor, KCCW
Accountancy Corp., issued a "going concern" qualification, citing
that the Company has suffered recurring losses from operations and
has a working capital and stockholders' deficit, that raise
substantial doubt about its ability to continue as a going
concern.
The complete text of the Form 10-K is available for free at:
https://www.sec.gov/Archives/edgar/data/1517389/000147793225002447/jfil_10k.htm
About Jubilant Flame International
Headquartered in Shanghai China, Jubilant Flame International, Ltd.
is currently engaged in providing technical support services for
the development of new nutrition materials and products.
Specifically, the Company focuses on a nutrition food series that
is marketed in the United States. This product line includes
SEA-BUCKTHORN and Organic Sprouting Powder. The Company leverages
the expertise of its technology background directors to offer
high-quality technical support to manufacturers in the U.S., aiding
in the development and promotion of these nutrition products. The
shift to this new business model began in the third quarter of the
fiscal year ending Feb. 29, 2020, after the company ceased its
operations in the cosmetics sector in early 2020. Previously, the
Company had been involved in marketing medical products and
cosmetics.
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H O N G K O N G
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CK HUTCHISON: Rejects Accusations Over Panama Ports Payments
------------------------------------------------------------
Bloomberg News reports that CK Hutchison Holdings Ltd rejected
accusations it failed to pay about PAB1.2 billion (US$1.2 billion)
to the Panamanian state over the concession contract to run the two
key ports in the Central American country.
"We firmly believe that respect for legal certainty gives companies
and investors the certainty that Panama is a safe country in which
to invest," Panama Ports said in the statement.
"PPC continues to call for respectful coordination and consultation
to protect the concession that has provided high-quality services
for the benefit of Panama and the world."
Bloomberg says the port operator's response came after Panama's top
auditor accused the company of wrongdoing, including failing to
obtain required approvals for a contract extension in 2021 and
owing millions in dues. The accusation ratchets up pressure on Hong
Kong billionaire Li Ka-Shing's CK Hutchison and its precarious
position in the middle of a US-China spat. While the firm is set to
make $19 billion in cash proceeds from its deal to sell its ports
business, the agreement has enraged Beijing after US President
Donald Trump touted it as reclaiming the Panama Canal.
The canal, used mainly by the US and China, became a geopolitical
lightning rod after Trump vowed to retake it. In a news conference
on April 8, US Defense Secretary Pete Hegseth pointed to ports
operated by CK Hutchison on either end of the trade route as
potential threats to US and Panamanian interests.
Bloomberg adds that CK Hutchison shares extended declines on April
9, erasing all their advances since the company agreed to sell its
Panama Canal port assets to a BlackRock Inc.-led consortium last
month.
Hong Kong-based CK Hutchison Holdings Limited is an investment
holding company mainly engaged in the retail business. Along with
subsidiaries, the Company operates its business through five
segments: the Retail segment, the Telecommunications segment, the
Infrastructure segment, the Ports and Related Services segment, and
the Husky Energy segment. The Retail segment is involved in the
manufacturing and sale of health and beauty products, as well as
consumer electronics and electrical appliances. It also operates
supermarkets, as well as manufactures and distributes bottled water
and beverage products. The Telecommunications segment provides
mobile telecommunications and data services by 3 Group Europe,
Hutchison Telecommunications Hong Kong Holdings, and Hutchison Asia
Telecommunications. The Infrastructure segment is involved in the
energy infrastructure, transportation infrastructure, water
infrastructure, waste management, waste-to-energy and
infrastructure related businesses.
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AMBA AUTO: Ind-Ra Moves BB+ Loan Rating to Non-Cooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on Amba
Auto Sales and Services Pvt Ltd.'s (AASSPL) bank facilities to
Negative from Stable and has simultaneously migrated the ratings to
the non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through phone calls and emails. Thus, the rating is based on
the best-available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings.
The instrument-wise rating actions are:
-- INR26.20 mil. Non-fund-based working capital limit migrated to
non-cooperating category with IND A4+ (ISSUER NOT
COOPERATING) rating;
-- INR92.83 mil. Term loan due on December 31, 2030 Outlook
revised to Negative and migrated to non-cooperating category
with IND BB+/Negative (ISSUER NOT COOPERATING) rating; and
-- INR197.50 mil. Fund-based working capital limit Outlook
revised to Negative and migrated to non-cooperating category
with IND BB+/Negative (ISSUER NOT COOPERATING)/IND A4+(ISSUER
NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information
Detailed Rationale of the Rating Action
The migration of rating to the non-cooperating category and the
Outlook revision to Negative are in accordance with Ind-Ra's
policy, Guidelines on What Constitutes Non-Cooperation. The
Negative Outlook reflects the likelihood of a downgrade of the
entity's ratings on continued non-cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interactions with AASSPL while reviewing the
ratings. Ind-Ra had consistently followed up with AASSPL over
emails starting December 31, 2024, apart from phone calls. The
issuer has submitted the no default statement until December 2024.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of AASSPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. AASSPL has been
non-cooperative with the agency since December 31, 2024.
About the Company
Incorporated in February 2005, AASSPL is into automobile sales and
service dealership business for two and three wheelers with Bajaj
Auto Limited ('IND AAA'/Stable) and KTM India along with the
electronics from LG Electronics India Ltd. AASSPL has 24 showrooms
and two warehouses in Bengaluru which consists of seven Bajaj
three-wheeler showrooms, six Bajaj two-wheeler showrooms, four
Bajaj Chetak (electric vehicle) showrooms, four KTM two-wheeler
showrooms and three LG electronics showrooms. AASSPL is promoted by
Pradeep Lohia and family.
AMIR EDUCATION: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of The Amir
Education Society (TAES) continue to be 'Crisil B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 20 Crisil B/Stable (Issuer Not
Cooperating)
Overdraft Facility 14.5 Crisil B/Stable (Issuer Not
Cooperating)
Proposed Long Term 2.5 Crisil B/Stable (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with TAES for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of TAES, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TAES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TAES continues to be 'Crisil B/Stable Issuer not cooperating'.
Established in 2004, TAES is a cooperative society for developing
and operating educational institutions and was registered under
Haryana Registration and Regulation of Societies Act, 2012 in April
2013.The society manages two K-12 schools providing primary and
secondary education in the name of Modern Delhi Public School in
Greater Faridabad, Haryana. Both the schools are affiliated to CBSE
Board, New Delhi. The school currently provides education to
approx. 5900 students.
ASTHA SPINTEX: Ind-Ra Keeps BB+ Loan Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Astha Spintex
Private Limited's (ASPL) bank facilities' ratings in the
non-cooperating category and has simultaneously withdrawn the same.
The detailed rating actions are:
-- INR230 mil. Fund-based working capital limit# maintained in
non-cooperating category and withdrawn;
-- INR35 mil. Non-fund-based working capital limit* migrated to
non-cooperating category and withdrawn; and
-- INR275.50 mil. Term loan** due on October 30, 2030 maintained
in non-cooperating category and withdrawn.
*Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn.
**Maintained at 'IND BB+/Negative (ISSUER NOT COOPERATING)' before
being withdrawn.
# Maintained at 'IND BB+/Negative (ISSUER NOT COOPERATING)/'IND A4
(ISSUER NOT COOPERATING)' before being withdrawn.
Detailed Rationale of the Rating Action
The rating has been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise despite repeated requests by the agency through
phone calls and emails, and has not provided information about
latest audited financial statement, sanctioned bank facilities and
utilization, business plans and projections for the next three
years, and management certificate. This is in accordance with
Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a request for withdrawal of ratings and no-objection
certificate issued by the bankers. This is consistent with Ind-Ra's
Policy on Withdrawal of Ratings.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with TWPL while reviewing the
rating. Ind-Ra had consistently followed up with ASPL over emails,
apart from phone calls.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of ASPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
ASPL was established in 2014 by the members of the Patel and
Sitapara families. The company manufactures cotton yarn used for
knitting and weaving, with bulk production of combed yarn of count
30. It has a manufacturing facility at Halvad, Morbi.
BAHUBALI MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bahubali
Motors Private Limited (BMPL) continue to be 'Crisil B/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 Crisil B/Stable (Issuer Not
Cooperating)
Cash Credit 8 Crisil B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with BMPL for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BMPL continues to be 'Crisil B/Stable Issuer not cooperating'.
BMPL was originally established as a partnership firm in 1959, and
was reconstituted as a private limited company in 2005. The company
has been a dealer for Tata Motors Ltd's cars in Raipur since 2000.
It is promoted by Mr. Hiralal Shah and his family.
BALAJI INDUSTRIES: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Shri Balaji Industries in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Shri Balaji Industries, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 1980, Shri Balaji Industries is a proprietorship
concern of Mr. Bal Kishan Nyati, engaged in milling, processing and
sorting of basmati rice. The firm primarily caters to customers
domestically with marginal exports to countries such as Dubai and
UAE through merchant exporters. The firm has a dealer network of 40
to 50 dealers in Rajasthan, Gujarat and Maharashtra and sells its
produce under the brand name 'Tansen.
CHANDRAKONA COLD: Ind-Ra Cuts Term Loan Rating to D
---------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Chandrakona Cold
Storage Private Limited's (CCSPL) bank facilities to 'IND D (ISSUER
NOT COOPERATING)' from 'IND B-/Negative (ISSUER NOT COOPERATING)'
while maintaining the ratings in the non-cooperating category. The
issuer did not participate in the rating review despite continuous
requests and follow-ups by the agency. The rating is based on the
best available information. Therefore, investors and other users
are advised to take appropriate caution while using the rating.
The detailed rating action is:
-- INR72.50 mil. Fund-based working capital limits (Long-term)
downgraded with IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information.
Detailed Rationale of the Rating Action
The downgrade reflects delays in debt servicing by CCSPL. Ind-Ra
has relied on information available in the public domain. However,
Ind-Ra has not been able to ascertain the reason for the delays, as
the company has been non-cooperative.
The ratings continue to be maintained in non-cooperating category
in accordance with Ind-Ra's Guidelines on What Constitutes
Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with CCSPL while reviewing the
rating. Ind-Ra had consistently followed up with CCSPL over emails,
apart from phone calls. The issuer has also not been submitting its
monthly no default statement until April 2024.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of CCSPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. CCSPL has been
non-cooperative with the agency since September 25, 2018.
About the Company
Incorporated in 1989, CCSPL operates a cold storage in Paschim
Mednipur, West Bengal.
COUNTRY CLUB: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Country Club Hospitality and
Holidays Limited (Formerly Country Club (India) Limited) (CCHHL) in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 281.45 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 18.55 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with CCHHL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in 1989, CCHHL is in the holiday and leisure services
business providing family clubbing facilities and timeshare
vacations to its members spread across 51 properties (33 owned, 16
associated properties and 2 leased) reinforced by 220 plus India
and global affiliations (via Country Vacations) and 3900 resorts
(via RCI affiliation). It has 436,933 individual members and 600
corporate members comprising brands like Microsoft, Tech Mahindra,
CMC Limited (now merged with TCS Limited) and Dr. Reddy's Labs,
among others. CCHHL started its operations under the banner Amrutha
Estates in 1981 as a real estate development company in South
India. In 1989, the company entered the clubbing business with the
objective to make clubbing accessible and affordable to the
upwardly population in India.
DEE-TECH PROJECTS: Ind-Ra Withdraws B+ Bank Loan Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Dee-Tech Projects
Private Limited's (DTPPL) bank facilities' ratings as follows:
-- The 'IND B+/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER
NOT COOPERATING)' rating on the INR310 mil. Non-fund-based
working capital limits is withdrawn; and
-- The 'IND B+/Negative (ISSUER NOT COOPERATING)' rating on the
INR220 mil. Fund-based working capital limits is withdrawn.
Detailed Rationale of the Rating Action
Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-dues certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.
About the Company
Incorporated in 1995, DTPPL is engaged in the execution of water
engineering contracts, specialized engineering projects and power
sector projects, mainly for the governments of Tamil Nadu, Andhra
Pradesh and Karnataka.
EXCELL AUTOVISTA: Ind-Ra Affirms BB+ Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has taken following rating
actions on Excell Autovista Private Limited's (EAPL) bank
facilities:
-- INR190.27 mil. (reduced from INR354.92 mil.) Term loan due on
March 31, 2030 affirmed; Outlook revised to Negative from
Stable with IND BB+/Negative rating;
-- INR1,444.50 bil. Fund-based working capital limit affirmed;
Outlook revised to Negative from Stable with IND BB+/Negative
/IND A4+ rating; and
-- INR80 mil. Non-fund-based working capital limit affirmed with
IND A4+ rating.
Detailed Rationale of the Rating Action
The Outlook revision reflects the likely deterioration in EAPL's
credit metrics in the medium term, and the likelihood of muted
revenue growth and a decline in EBITDA margins in FY25 due to the
high discounts offered by the company. The ratings, however, are
supported by established market position of the company and the
promoters' experience of over a decade in the automobile sector.
Credit metrics remain weak; likely to deteriorate in medium term
Medium scale of operations; revenue growth to be muted in FY25
Modest EBITDA margin; profitability likely to decline in FY25
Cyclical nature of the auto industry; intense competition
Strengths
Established market position; experienced promoters
Detailed Description of Key Rating Drivers
Credit Metrics Remain Weak; Likely to Deteriorate in Medium Term:
The credit metrics of EAPL, which is an authorized dealer of Maruti
Suzuki India Limited (MSIL), remained weak in FY24. The net
leverage ratio (total adjusted net debt/operating EBITDAR)
deteriorated to 4.34x in FY24 (FY23: 3.16x) because of an increase
in the working capital requirements. However, the interest coverage
ratio (operating EBITDA/gross interest expense) improved slightly
to 2.3x (FY23: 2.21x) due to an increase in the EBITDA to INR321.41
million (INR251.54 million). Furthermore, Ind-Ra has factored in
the downward revision in the management's revenue growth
projections for FY25 and FY26, which is likely to impact the
absolute EBITDA, and thus, the credit metrics. Hence, the credit
metrics are likely to deteriorate and remain weak in the medium
term, with the net leverage remaining above 4x. The operational
performance of the new showroom and service station will be a key
monitorable for a likely improvement in the credit metrics. The
management also plans to reduce its working capital debt in the
medium term; this too will be a key monitorable.
Medium Scale of Operations; Revenue Growth to Be Muted in FY25:
EAPL's revenue grew by around 17% yoy to INR11,156.5 million in
FY24 (FY23: INR9,496.58 million) owing to an increase in demand
for passenger vehicles (PVs) and the opening of a new
showroom-cum-service center in Roha, Raigad, in November 2022. EAPL
earned a revenue of around INR8,932 million in 9MFY25, which is
around 80% of the FY24 revenue. In FY25, the revenue growth is
likely to be muted compared to FY24 levels, as the company had to
offer large discounts owing to the high competition in the market.
However, from FY26, the revenue is likely to witness steady growth
in the medium term as one of the biggest outlets of EAPL in
Ravet-Pune is scheduled to start operating from June 2025.The
company sold 13,321 vehicles during 11MFY25 (FY24: 14,822, FY23:
13,642). MSIL is a market leader in India's PV segment, accounting
for 42% of the total sales of PVs in the country during FY24.
Modest EBITDA Margin; Profitability Likely to Decline in FY25: In
FY24, EBITDA margins improved slightly to 2.88% (FY23: 2.65%), due
to a reduction in other expenses. The margins are likely to remain
modest in the medium term. Furthermore, Ind-Ra expects the EBITDA
margin to drop slightly in FY25 due to increased discounts and
intensified competition. However, as informed by the management,
the company has taken corrective steps to control this situation.
Cyclical Nature of the Auto Industry; Intense Competition: EAPL
operates in the cyclical auto industry, which is susceptible to
macro-economic factors. Its operations remain dependent on the sale
of MSIL's PVs, exposing the company to cyclical downturns in the PV
segment, as well as the risks of any decline in demand for MSIL's
vehicles and increased competition from other dealers of MSIL.
Furthermore, EAPL's operations are concentrated in Maharashtra,
exposing the company to geo-political risks.
Established Market Position; Experienced Promoters: EAPL was
incorporated in 2005 and has been a dealer of MSIL's PVs since more
than a decade. The company has nine showrooms, five service centers
and four stock yards across Mumbai, Navi Mumbai and Pune, and it
has been expanding its presence in Pune. The ratings also factor in
the promoters' experience of over a decade in the automobile
sector.
Liquidity
Stretched: EAPL's average maximum utilization of the fund based
limits was 82.12% for the 12 months ended February 2025 and that
of the non-fund based limits was 83.35% for the 12 months ended
February 2025. The cash flow from operations turned negative at
INR477.78 million in FY24 (FY23: INR14.77 million) due to an
increase in working capital requirements. Furthermore, the free
cash flow remained negative at INR600.09 million (FY23: negative
INR25.36 million) due to the capex of INR122.31 million incurred by
EAPL, mainly for the Pune-Ravet outlet. The net working capital
cycle stretched to 37 days in FY24 (FY23: 30 days), primarily on
account of an increase in inventory days to 37 (29). The cash and
cash equivalents stood at INR28.7 million at FYE24 (FYE23:
INR196.18 million). EAPL has debt repayment obligations of INR77.6
million and INR79.7 million in FY25 and FY26, respectively.
Rating Sensitivities
Outlook revision to Stable: Maintaining the scale of operations
while improving the liquidity and the interest coverage ratio
remaining above1.5x will result in a Stable Outlook.
Negative: Decrease in the scale of operations or deterioration in
liquidity or interest coverage ratio deteriorating below 1.5x will
be negative for the ratings.
About the Company
Incorporated in 2005, EAPL is an authorized dealer of MSIL. It is
promoted by Madhup Agarwal and Sunnyraj Agarwal.
FIVE VISION: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Five Vision
Promoters Private Limited (FVPPL) continue to be 'Crisil B+/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 6.86 Crisil B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 28.14 Crisil B+/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with FVPPL for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of FVPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on FVPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
FVPPL continues to be 'Crisil B+/Stable Issuer not cooperating'.
FVPPL, incorporated in 2005, is a part of Ghaziabad (Uttar
Pradesh)-based SVP group. The company owns and operates a 3 screen
PVR multiplex. The multiplex-cum-shopping mall in Ghaziabad has a
total developed area of around 175,000 square feet and operates
under the name 'Opulent'. The company is promoted by Mr. Vijay
Kumar.
GAJRAULA ROLLER: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gajraula
Roller Flour Mills Private Limited (GRFMPL) continue to be 'Crisil
B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 Crisil B+/Stable (Issuer Not
Cooperating)
Term Loan 4 Crisil B+/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with GRFMPL for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of GRFMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
GRFMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of GRFMPL continues to be 'Crisil B+/Stable Issuer not
cooperating'.
The company, promoted by Mr. Anil Kumar Jain, Mr. Sunil Kumar Jain
and Mr. Narendra Kumar Jain in 2011 , processes wheat to produce
maida, suji, atta and bran. The processing unit, located at
Gajraula (Uttar Pradesh), has daily capacity of 200 tonnes. Daily
operations are overseen by Mr. Anil Kumar Jain.
GANGA PULP: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ganga Pulp
and Papers Private Limited (GPIL; part of the Ganga group) continue
to be 'Crisil B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 Crisil B/Stable (Issuer Not
Cooperating)
Long Term Loan 11.5 Crisil B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with GPIL for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of GPIL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GPIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
GPIL continues to be 'Crisil B/Stable Issuer not cooperating'.
Incorporated in 1985, GPIL is currently managed by Mr. R K
Chaudhary and his friend, Mr. Sandeep Kanoria. It was earlier known
as Kasat Paper & Pulp and was set up by Mr. Shrikant Kasat
(reconstituted as a public limited company in December 1992). GPIL
filed reference with Board for Industrial & Financial
Reconstruction in 2003 and, as per revival scheme, its ownership
was transferred to the present promoters in January 2007. GPIL
manufactures newsprint, writing, and printing paper at its unit
that has capacity of 55,000 tonne per annum (enhanced from 30,000
tonne per annum in March 2018).
GPPPL was incorporated in June 2000 and is engaged in the same
business. Its unit has manufacturing capacity of 36,000 tonne per
annum.
GANPATI RICE: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ganpati
Rice Mills (GRM) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.30 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank
Facilities 12.00 CARE A4; ISSUER NOT
COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated April 5, 2024,
placed the rating(s) of GRM under the 'issuer non-cooperating'
category as GRM had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. GRM continues to
be non-cooperative despite repeated requests for submission of
information through emails dated February 19, 2025, March 1, 2025
and March 11, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Ganpati Rice Mills (GRM) was established as a partnership firm in
1998 and it is currently being managed by Mr. Kulwant Rai Singla
and Mr. Lakshman Das. The firm is engaged in processing of paddy at
its manufacturing facility located in Mareta, Mansa.
Status of non-cooperation with previous CRA: India Ratings has
continued the ratings assigned to the bank facilities of GRM into
'Issuer not-cooperating' category vide press release dated July 14,
2024 on account of non-availability of requisite information from
the company.
GENSYNTH LABORATORIES: CRISIL Keeps B Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gensynth
Laboratories Private Limited (Gensynth) continue to be 'Crisil
B/Stable/Crisil A4 Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 Crisil B/Stable (Issuer Not
Cooperating)
Letter of Credit 1 Crisil A4 (Issuer Not
Cooperating)
Long Term Loan 3 Crisil B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with Gensynth for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of Gensynth, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
Gensynth is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Gensynth continues to be 'Crisil B/Stable/Crisil A4
Issuer not cooperating'.
Chromo, promoted by B.Ananda Reddy, Mr. Sriram Reddy, is a
Hyderabad based Manufacturer of Intermediates and Active
Pharmaceutical Ingredients. The manufacturing facility is located
at Pashamylaram, near Patancheru, which is 27 km from Hyderabad and
is USFDA and CEP approved and WHO GMP complaint.
Gensynth is promoted by B.Ananda Reddy, Mr. Sriram Reddy to
undertake manufacture of drug intermediaries which are used by
Pharma companies.
GIIS LEARNING: Ind-Ra Assigns BB+ Bank Loan Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has rated GIIS Learning Private
Limited's (GIISL) bank loans as follows:
-- INR1.90 bil. Bank loan assigned with IND BB+/Stable rating.
Analytical Approach
Ind-Ra has fully consolidated GIISL, and its associated society and
trust namely – Goravigere Educational Society (GES) and One
Universe Educational Trust (OUET, only GIIS Gunjur considered),
respectively, while assigning the ratings on account of the
operational, management and financial linkages between them.
GES manages two schools (namely One World International School,
OWISL), one each in Sarjapur and Whitefield, Bengaluru. OUET also
manages two schools (namely Global Indian International School),
one each in Gunjur and Bannerghatta, Bengaluru. However, Ind-Ra
considers only GIIS Gunjur for consolidation as GIISL provides
management services to the Gunjur school only under OUET. GIISL
provides various kinds of infrastructure, management and support
services to the schools run under the society and trust. Since
these entities have been fully consolidated for assigning the
rating, a default by any one of the entities will be treated as
default by the other entity. The schools are part of the
Singapore-based Global Schools Group (GSG), and M/s Global School
Holdings Pte Ltd has extended a post-default guarantee to the bank
loans availed by GIISL. However, Ind-Ra does not consider any
rating comfort from them.
Detailed Rationale of the Rating Action
The rating reflects GIISL's limited track record of operations, as
it was incorporated in April 2022. Moreover, the company has
elevated debt levels due to the funding undertaken for the purchase
of two schools through business transfer agreements from Vizag
Educational Institutions Private Limited. The schools were earlier
operated as Silver Oak International School, Sarjapur and Silver
Oak International School, Whitefield. Now, these schools are
operated through GES under the brand One World International
School. This has led to a levered capital structure and weak
coverage indicators.
Nonetheless, the group has provided support in the form of
unsecured loans amounting to INR99.74 million as of FY24 (FY23:
INR99.67 million), which mitigates the risk. Ind-Ra believes the
entity is likely to receive support from GSG in the event of any
financial stress. Also, GIISL cannot repay any unsecured loan
before the closure of the rated bank loan as per the clause
mentioned in the sanction letter of term loan. The interest on
these loans is being accrued for payout post the closure of the
bank loan.
However, the rating is supported by GIISL's strong brand
recognition, as the schools are part of GSG. The rating also
factors in the company's growing scale of operations, attributed to
the rising headcount and average tuition fees. The EBITDA margin
was moderate in FY24.
Detailed Description of Key Rating Drivers
Limited Track Record of Operations: Incorporated on April 5, 2022,
the company is in third year of operations. It offers services to
only three schools under its ambit. However, the associated risk is
partly mitigated by the group's experience in managing similar
structures. Ind-Ra expects GIISL's performance to improve in the
near-to-medium term, backed by its growing headcount, increase in
average tuition fees and nil growth in capex due to sufficient
available capacity.
Debt to Remain Elevated: Ind-Ra believes the debt levels to remain
elevated in the near term, as the unsecured loans can be repaid
only after the closure of the existing term loan, as per a clause
in the term sheet. The company had raised a bank term loan
amounting to INR2,172.74 million as on 28 September 2022. The
proceeds of the term loan were utilized for the purchase of two
schools from Vizag Educational Institutions.
The consolidated debt levels were high at INR2,997.70 million as of
FY24 (FY23: INR3,157.56 million), comprising term loans of
INR2,000.31 million and unsecured loans of INR997.39 million. The
interest on unsecured loans is being accrued for payout post the
closure of the bank loan. The consolidated debt/income was 305.1%
as of FY24 (FY23: 465.2%), indicating that debt is on higher side
than the income being earned.
GIISL's collection period increased to 72 days in FY24 (FY23: 54
days) and payable days increased to 373 days (232 days), as the
related party expenses are being deferred till the time the rated
bank loan is not paid off. These payments are being booked under
trade payables. GIISL creates liability in the balance sheet, so as
to discharge the same in the event of surplus after the closure of
the bank loan.
Weak Coverage Indicators: Ind-Ra expects the credit metrics to
remain stretched over the near to medium term. As per a clause in
the term sheet, the related-party expense outflow is restricted
during the tenor of the bank loan. Related party outflow
encompasses expenses related to management fees, royalty fees, rent
expense and other support fees. Also, interest payment to the
related party is restricted.
The net leverage (net debt/EBITDA; adjusted for inter-related
payments) on consolidated basis stood at 6.6x as of FY24 (FY23:
57.2x) owing to the higher dependence on debt, partly offset by a
moderate EBITDA level. The interest coverage and debt service
coverage stood at 2.2x and 1.2x, respectively, as of FY24.
Competitive Intensity; Regulatory Risks: GIISL faces competition
from several other schools offering similar courses in and around
Bengaluru. The education sector in India is highly regulated and
school operations may be impacted in case of any adverse regulatory
changes in the central/state government policies and regulations.
Any regulatory action causing a downward revision in the fees
charged could adversely impact the consolidated revenue.
Strong Brand Value: Ind-Ra expects the group's strong worldwide
market position and its extensive experience in the education
field, would strengthen its operational profile. GIISL is 100%
subsidiary of Global Indian School Education Services Private
Limited (GISESPL) and GISESPL is 100% subsidiary of Global Indian
Holding Pte Limited, Singapore (GIH). All the companies form a part
of the Singapore-based GSG. GSG has a network of 62 schools spread
across 11 countries accommodating 45,000 students and 5,000
faculties. The group's schools have all-round infrastructure,
various accreditations, and experienced management, which help in
retaining existing students and attracting new students.
Growing Headcount: Ind-Ra expects the student headcount to grow
over the medium term, led by an increase enrolments across all
three schools. During FY23 to FY25, the student headcount increased
at a CAGR of 4.6%. In FY25, the student headcount improved 8.3%
yoy, driven by higher enrollments, although the headcount remained
almost flat in FY24 at 3,956 (FY23: 3,917).
The capacity utilization remained moderate in FY24, with the school
in Sarjapur at 75.3% (FY23: 90.0%), the one in Whitefield at 44.5%
(8.3%), and GIIS, Gunjur at 60.8% (80.0%). The decline in
utilization in FY24 for all schools was due to an increase in
capacity, while the addition of new students was on the lower end.
Revenue Tailwinds and Growing EBITDA in FY24: Ind-Ra expects the
consolidated revenue to grow over the medium term due to an
increase in the headcount and annual revisions in the fee
structure. On a consolidated basis, the top line, largely
comprising tuition fees and other income, grew 44.8% yoy in FY24,
aided by a marginal increase in the headcount coupled with a rise
in the average fee per student. The total revenue increased to
INR982.71 million in FY24 (FY23: INR678.70 million), on account of
an increase in the admission and tuition fee income to INR700.47
million (INR484.05 million). Other income consisting of transport
fee, sale of goods, among others, also increased to INR279.86
million in FY24 (FY23: INR190.82 million), mainly due to an
increase in transport fee to INR170.84 million (INR110.50 million).
The 9MFY25 revenue for GIIS Gunjur and OWIS is INR823.39 million.
On a consolidated basis, the absolute adjusted EBITDA (for
interrelated payments) increased to INR444.51 million in FY24
(FY23: INR52.86 million) and margin to 45.2% (7.8%), driven by
revenue tailwinds.
Liquidity
Stretched: Ind-Ra expects the group's liquidity to remain stretched
in the near-to-medium term. The cash flow from operations stood at
INR588.10 million in FY24 on account of the moderate EBITDA and
favorable net working capital changes. The repayment obligations
for the term loans were met through internal accrual. The group
does not have any sanctioned working capital limits. The group had
unencumbered cash and bank balance of INR79.69 million at FYE24
(FYE23: INR134.23 million). This represented only 2.7% of debt in
FY24 (FY23: 4.3%) and 14.8% of the operating expenditure (FY23:
21.5%). Furthermore, it maintains a debt service reserve (FY24:
INR49.60 million).
GIISL's collection period increased to 72 days in FY24 (FY23: 54
days) and payable period increased to 373 (232), as the related
party expenses are being deferred till the time the rated bank loan
is not paid off. These payments are being booked under trade
payables. GIISL creates liability in the balance sheet, so as to
discharge the same in the event of surplus after the closure of the
bank loan. Furthermore, the debt servicing of bank loan obligations
will be INR488.84 million and INR491.34 million during FY25 and
FY26, respectively, which Ind-Ra expects to service through the
cash available on its book by deferring its inter-related expense.
The group does not have any capex plans in the near to medium term
as they have sufficient infrastructure to cater to growing student
headcount.
Rating Sensitivities
Negative: Substantial deterioration in the scale of operations,
leading to the EBITDA margin reducing below 20% and/or
deterioration in the liquidity on a sustained basis could lead to a
negative rating action.
Positive: An improvement in the scale of operations, EBITDA margins
and credit metrics, along with an improvement in the liquidity, all
on a sustained basis, could be positive for the ratings.
Any Other Information
Standalone Performance: GIISL's total income grew 224.15% yoy to
INR401.56 million in FY24, due to an increase in revenue from
management services. The company reported net loss of INR323.09
million in FY24 in relation to a loss of INR310.38 million in FY23.
However, the debt/income moderated to 746.52% in FY24 (FY23:
2,480.09%) because of the growth in scale of operations coupled
with a decline in debt levels.
About the Company
GIISL, incorporated on April 5, 2022, has its registered office in
New Delhi. It provides management services such as leasing of land
and building, admission, transportation, housekeeping, examination
to the schools managed by OUET and GES. Neeta Anand Temurnikar,
Kaustubh Sudhakarrao and Prafulla Kumar Rout are the directors.
GOKUL GINNING: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Gokul Ginning
and Oil Industries (GGOI) continues to be 'Crisil B+/Stable Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 Crisil B+/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with GGOI for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of GGOI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GGOI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
GGOI continues to be 'Crisil B+/Stable Issuer not cooperating'.
GGOI is an Amreli, Gujarat-based partnership firm established in
2008. It manufactures cotton bales and kapasia, cotton oil, and
deoiled cakes. Mr. Aminali K Gangani, Mr. Siraj P Keshwani, and Mr.
Sahejad B Gangani are key partners in the firm.
GRACE SUPPLIERS: Ind-Ra Hikes Term Loan Rating to BB+
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Grace Suppliers
Private Limited's (GSPL) bank facilities' ratings to 'IND BB+' from
'IND BB' with a Stable Outlook.
The instrument-wise rating actions are:
-- INR637.50 mil. (reduced from INR690.09 mil.) Fund-based
working capital limit upgraded with IND BB+/Stable rating;
-- INR20 mil. (reduced from INR20.08 mil.) Term loan due on
February 28, 2027 upgraded with IND BB+/Stable rating; and
-- INR40 mil. Non-fund-based working capital limits assigned with
IND A4+ rating.
Detailed Rationale of the Rating Action
The upgrade reflects the growth in GSPL's revenue in FY24.
Furthermore, Ind-Ra expects the scale of operations, EBITDA margins
and credit metrics to have improved in FY25. The ratings remain
constrained by the modest EBITDA margins and modest credit
metrics. However, the ratings are supported by the promoters'
experience of more than two decades in the jewelry business and
GSPL's association with the established brand, Tanishq.
Detailed Description of Key Rating Drivers
Modest EBITDA Margin; Improvement in Profitability in FY25: GSPL's
EBITDA margins decreased slightly to 4.69% in FY24 (FY23: 4.97%),
due to an increase in the revenue share of gold products, which
offer lower margins compared to diamond products. The return on
capital employed increased to 11% in FY24 (FY23: 10.7%). In FY25,
Ind-Ra expects the EBITDA margins to have increased slightly due to
a rise in gold prices.
Credit Metrics Remain Modest; Likely to Have Improved in FY25:
GSPL's net leverage (adjusted net debt/operating EBITDA) improved
to 6.04x in FY24 (FY23: 6.11x) due to an increase in EBIDTA to
INR86.75 million (INR80.67 million). However, the gross interest
coverage (operating EBITDA/gross interest expense) deteriorated
marginally to 2.02x in FY24 (FY23: 2.31x) due to an increase in the
gross interest expenses to INR43.03 million (INR34.87 million). In
FY25, Ind-Ra expects the credit metrics to have improved due to the
absence of any capex plans and scheduled repayments of term loans.
Medium Scale of Operations; Continued Revenue Growth over
FY24-FY25: GSPL's revenue grew to INR1,849.14 million in FY24
(FY23: INR1,623.81 million) due to an increase in sales coupled
with higher realizations. In 10MFY25, GSPL booked a revenue of
INR1,680.62 million. Ind-Ra expects GSPL's revenue to improve on a
yoy basis in FY25, backed by sustained demand and increased gold
prices.
Experienced Promoters; Brand Association: The ratings are supported
by the promoters' experience of over two decades in the jewelry
industry, leading to established relationships with its customers
and suppliers. The ratings are further supported by GSPL being a
franchise holder of Titan Industries Limited's jewelry brand,
Tanishq, since 2002.
Liquidity
Stretched: GSPL's average maximum utilization of the fund-based
limits was 94.65% during the 12 months ended January 2025 and that
of the non-fund-based limits was 97.58% over the same period.
GSPL's working capital cycle remained elongated but improved to 142
days in FY24 (FY23: 146 days), mainly on account of a decrease in
its inventory days to 144 (146) due to better management of
inventory. The cash flow from operations remained negative but
improved to a negative INR21.42 million in FY24 (FY23: negative
INR23.64 million), mainly due to favorable changes in working
capital. The free cash flow remained negative but improved to a
negative INR24.77 million in FY24 (FY23: negative INR41.04
million). The cash and cash equivalents of GSPL stood at INR13.61
million at FYE24 (FYE23: INR7.87 million). The company's repayment
obligations stood at INR15.7 million in FY25 and amount to INR11.8
million in FY26. GSPL does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements.
Rating Sensitivities
Negative: A significant deterioration in the scale of operations,
leading to deterioration in the liquidity profile and the credit
metrics, with the interest coverage falling below 1.8x, will be
negative for the ratings.
Positive: A substantial increase in the scale of operations and an
improvement in overall credit metrics, with the interest coverage
exceeding 2.5x, along with an improvement in the liquidity profile,
all on a sustained basis, could lead to a positive rating action.
About the Company
GSPL has been a franchise holder of Titan Industries' jewelry
brand, Tanishq, since 2002. It has five showrooms in Jamshedpur -
two on trading model and remaining three on commission model, with
a product portfolio of rings, earrings, necklaces, bangles and gold
coins. GSPL is managed by Anil Agarwal.
GUALA CLOSURES: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Guala
Closures (India) Private Limited (GCIPL) continue to be 'Crisil
B/Stable/Crisil A4 Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 Crisil A4 (Issuer Not
Cooperating)
Cash Credit 40 Crisil B/Stable (Issuer Not
Cooperating)
Long Term Loan 9 Crisil B/Stable (Issuer Not
Cooperating)
Proposed Cash 41.27 Crisil B/Stable (Issuer Not
Credit Limit Cooperating)
Proposed Long Term 2 Crisil B/Stable (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with GCIPL for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of GCIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GCIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GCIPL continues to be 'Crisil B/Stable/Crisil A4 Issuer not
cooperating'.
GCIPL, set up in 1995, is a step down subsidiary of Guala Closures
S.P.A (rated S&P B+ Stable). The company manufactures security
closures and Nipcaps (Non refillable and Tamper-Evident) for spirit
manufacturing companies. As per the NCLT order dated February 22,
2019, Axiom an erstwhile 100% subsidiary also into the business of
security closures for spirit manufacturing companies was
amalgamated with GCIPL.
HALDIA NIRMAN: Ind-Ra Cuts Bank Loan Rating to D
------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Haldia Nirman
Projects Private Limited's (HNPPL) bank facilities' ratings to 'IND
D (ISSUER NOT COOPERATING)' from 'IND BB-/Stable (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating review
despite continuous requests and follow-ups by the agency. Thus, the
rating is based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using the rating.
The detailed rating actions are:
-- INR56.50 mil. Fund-based limit (long-term) downgraded with IND
D (ISSUER NOT COOPERATING) rating; and
-- INR20 mil. Non-fund-based Limit (Short-term) downgraded with
IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information.
Detailed Rationale of the Rating Action
The downgrade reflects delays in debt servicing by HNPPL. Ind-Ra
has relied on information available in the public domain. However,
Ind-Ra has not been able to ascertain the reason for the delays, as
the company has been non-cooperative.
The ratings continue to be maintained in non-cooperating category
in accordance with Ind-Ra's Guidelines on What Constitutes
Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with HNPPL while reviewing the
rating. Ind-Ra had consistently followed up with HNPPL over emails
since May 2018, apart from phone calls. The issuer has also not
been submitting their monthly no default statement.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of HNPPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. HNPPL has been
non-cooperative with the agency since May 3, 2018.
About the Company
Incorporated in 2004, HNPPL is a small-sized West Bengal-based
company that provides different types of construction services,
including construction of buildings, pipelines, electrical works
and others, to both private and government entities.
JASMER FOODS: Ind-Ra Withdraws BB Bank Loan Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Jasmer Foods
Private Limited's (JFPL) bank facilities' ratings.
The detailed rating actions are:
-- The 'IND BB/Negative (ISSUER NOT COOPERATING)' rating on the
INR285 mil. Fund-based working capital limit is withdrawn;
and
-- The 'IND BB/Negative (ISSUER NOT COOPERATING)' rating on the
INR7.42 mil. Term loan due on May 31, 2024 is withdrawn.
Detailed Rationale of the Rating Action
Ind-Ra has withdrawn the rating as the management has provided no
due certificate issued by the banker and the agency has received a
withdrawal request from the issuer. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings.
About the Company
Incorporated in June 2011, Kurukshetra-based JFPL is engaged in
milling, processing and manufacturing of basmati rice in a fully
integrated setup with a capacity of around 200 metric tons per day.
Jatinder Singh, Harminder Singh and Ravinder Singh are the
directors.
JYOTI ENTERPRISES: Ind-Ra Cuts Bank Loan Rating to D
----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Jyoti
Enterprises' (JE) bank facilities' ratings to 'IND D (ISSUER NOT
COOPERATING)' from 'IND B-/Negative (ISSUER NOT COOPERATING)'. The
issuer did not participate in the rating review despite continuous
requests and follow-ups by the agency. The rating is based on the
best available information. Therefore, investors and other users
are advised to take appropriate caution while using the rating.
The detailed rating actions are:
-- INR40 mil. Fund based working capital limit (Long-term)
downgraded with IND D (ISSUER NOT COOPERATING) rating; and
-- INR60 mil. Fund/non-fund-based working capital limit (Short-
term) downgraded with IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information.
Detailed Rationale of the Rating Action
The downgrade reflects delays in debt servicing by JE. Ind-Ra has
relied on information available in the public domain. However,
Ind-Ra has not been able to ascertain the reason for the delays, as
the company has been non-cooperative.
The ratings continue to be maintained in non-cooperating category
in accordance with Ind-Ra's Guidelines on What Constitutes
Non-Cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with JE while reviewing the
rating. Ind-Ra had consistently followed up with JE over emails,
apart from phone calls. The issuer has also not been submitting
their monthly no default statement.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of JE, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. JE has been
non-cooperative with the agency since November 16, 2017.
About the Company
JE was incorporated in 1990 by Jai Prakash Goyal as a
proprietorship concern. It trades mild steel and heavy steel plates
and other structural items such as angles and channels.
MINI HOTELS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Mini Hotels &
Projects (MHP) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/ 6.50 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues
Unallocated to remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with MHP, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Mini Hotels and Projects (MHP), is a partnership firm, promoted by
Mr. P. Ravi Kumar and Ms. P. Padma on June 30, 2014. The firm has
renovated a multi storied building into a Hotel and branded as
"Hotel Aira". The hotel is situated in Benz circle, Vijayawada, a
prime location that annually draws tourists and corporate visitors
from all over the country. The land and super structure is owned by
the partners and the super structure is being leased out to MHP.
The hotel comprises of 7 Standard rooms, 29 Executive rooms, 4
Royal Suite, a Banquet Hall (accommodating 110 people) and
conference room. The hotel also
has 80 seat fine dining restaurant and 25 seat coffee shop. The
hotel has commenced commercial operations in the month of August
2016.
OMSAI PROFESSIONAL: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Omsai
Professional Detective and Security Services Private Limited
(OPDSS) continues to be 'Crisil B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 50 Crisil B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with OPDSS for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of OPDSS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on OPDSS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
OPDSS continues to be 'Crisil B+/Stable Issuer not cooperating'.
Established in 1985, OPDSS is engaged in the business of providing
manned security services. Based out of Vijayawada (Andhra Pradesh),
it is being promoted and managed by Mr. P. Kanaka Rao and his son
Mr.Phani Raj. It employs around 30,000 guards through its 16 branch
offices with major presence across AP, Telangana, Karnataka, Tamil
Nadu, Maharashtra and Orissa.
PRADHAN ASSOCIATES: CARE Reaffirms C Rating on INR11.50cr LT Loan
-----------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Pradhan Associates Private Limited (PAPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term bank 11.50 CARE C; Stable Reaffirmed
Facilities
Long-term/ 8.45 CARE C; Stable/CARE A4
Short-term Reaffirmed
bank facilities
Short-term bank 25.00 CARE A4 Reaffirmed
Rationale and key rating drivers
The ratings assigned to the bank facilities of PAPL take into
account the delays in debt servicing by the company due to
insufficiency of funds. However, this loan is not rated by CARE
Ratings Limited. The ratings continue to be constrained by its
small scale of operations, leveraged capital structure and modest
debt protection metrics in FY24 (refers to the period April 1 to
March 31), geographical concentration risk and intense competitive
nature of the industry. However, the aforesaid constraints are
partially offset by the improvement in financial performance in
FY24, experience of the promotors and reputed clientele base.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Increase in scale of operations above INR100 crore on a sustained
basis.
* Improvement in operating margin above 8% on a sustained basis.
* Execution of orders in hand within stipulated time frame and
collection of receivables on a timely and regular basis.
Negative factors
* Any sizeable decline in scale of operation (turnover below INR30
crore) on a sustained basis.
* Deterioration in overall gearing ratio beyond 1.75x and increased
reliance on unsecured loan on a sustained basis.
* Deterioration in operating profit margin below 4% on a sustained
basis.
Analytical approach: Standalone
Outlook: Stable
Stable outlook reflects CARE Rating's opinion that the entity will
continue to benefit from its established relationship with the
customers/suppliers.
Detailed description of key rating drivers:
Key weaknesses
* Delay in debt servicing: There were past delays in debt servicing
in the vehicle loan availed by the company due to insufficiency of
funds. However, this loan is not rated by CARE Ratings Limited.
* Small scale of operations: Though the company's revenue from
operations has witnessed growth from INR85.38 crore in FY23 to
INR124.69 crore in FY24, the same continues to remain small.
Furthermore, the company's net worth remains low at INR16.67 crore
as on March 31, 2024, which restricts the financial flexibility of
the company in times of stress.
* Leveraged capital structure and modest debt protection metrics:
The capital structure of PAPL deteriorated with overall gearing of
2.36x as on March 31, 2024, as compared with 1.97x as on March 31,
2023. The moderation is on account of increased working capital
borrowing and vendor bill financing to support the growth in
turnover and operations. The interest coverage ratio declined from
7.01x in FY23 to 6.44x in FY24 on account of increase in interest.
TDGCA witnessed moderation from 5.77x as on March 31, 2023, to
6.54x as on March 31, 2024 due to increase in total debt.
* Geographical concentration risk: The company has various sites
and projects in various places within Odisha. Being concentrated
for all its operations in a single state exposes the company to
geographical concentration risk. However, PAPL has being trying to
reduce its dependency in a single state and has started securing
orders from clients in different states.
* Intense competitive nature of the industry: The engineering
consultancy, construction supervision, fabrication erection &
commissioning assistance services industry is highly fragmented
with large players in the organised sector. The unorganised sector
has a minimal presence. Thus, differentiating factors like range of
services offered, quality of service etc will be crucial to attract
clients.
Key strengths
* Improvement in financial performance in FY24: PAPL's total
operating income grew by 46.04% y-o-y to INR124.69 crore in FY24
mainly on account of new orders. Further, the company has also
started trading in store and consumables which has increased its
revenue from operations. The PBILDT margin remained stable,
increasing slightly from 7.37% in FY23 to 7.47% in FY24, due to
higher margins in trading, a focus area since FY22. PAT margin for
FY23 also remained more or less similar to that in FY24 at 3.99%.
The company earned GCA of INR6.00 (FY24) crore vis-à-vis debt
repayment obligation of INR0.23 crore in FY24. In H1FY25, the
company earned PBILDT of INR5.60 crore (Rs.3.29 crore in H1FY24) on
a total operating income of INR71.51 crore (Rs.51.88 crore in
H1FY24).
* Experienced promotors and reputed clientele base: Since its
inception, the entity has been engaged in design, engineering
consultancy, utility services and management services for
manufacturing, erection, commissioning of plants machineries, etc.
The company is managed by Gautam Pradhan and Vikram Pradhan along
with a team of experienced professional. Furthermore, Kabi Chandra
Pradhan, director, has experience of more than three decades and
Gautam Pradhan and Vikram Pradhan are in the similar line of
business for the last two decades. PAPL commenced operation in 1991
and since then the company has built good relationship with its
clients. Its clients include Hindalco Limited, Bharat Aluminium
Company Limited, JSW Steel, and Vedanta Ltd.
Liquidity: Poor
The liquidity of the company is marked poor on account of the delay
in debt servicing due to insufficiency of funds. Further, the
working capital utilisation for 12 months ended December 2024 was
around 98%.
PAPL was incorporated in the year 1991. Since its inception, the
entity has been engaged in design, engineering consultancy, utility
services and management services for manufacturing, erection,
commissioning of plants machineries, construction equipment, EOT
cranes, mining and material handling equipment, special purpose
machines and machine tools, etc. The company is also engaged in the
business of heavy maintenance services. Gautam Pradhan and Vikram
Pradhan look after the day-to-day activities of the company along
with a team of technical and non-technical professionals who have
long experience in this industry.
PRAHLAD ISPAT: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Prahlad Ispat
Private Limited (PIPL) continues to be 'Crisil B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.75 Crisil B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with PIPL for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of PIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PIPL continues to be 'Crisil B/Stable Issuer not cooperating'.
PIPL, incorporated in 2003 and acquired by Mr. Ritesh Mittal and
his family in 2009, manufactures mild steel (MS) bars and rolls. MS
bars are sold under a registered brand name (Shri Krishna TMT). The
manufacturing unit is in Firozabad, and its installed capacity is
43,200 tonne per annum.
RAGHURATNA AGRO: CARE Lowers Rating on INR14.36cr LT Loan to B
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Raghuratna Agro Industries (RAI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.36 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B+; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 7, 2024,
placed the rating(s) of RAI under the 'issuer non-cooperating'
category as RAI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. RAI continues to
be non-cooperative despite repeated requests for submission of
information through emails dated January 21, 2025, January 31, 2025
and February 10, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of RAI have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone revised from Combined
For arriving at the ratings, CARE has considered a combined view of
– Ambika Marketing (AM), Ambika Pulses (AP) and Raghuratna Agro
Industries (RAI), as all these entities are engaged in the same
line of business, have common promoters, and have operational and
financial linkages. However, updated information is not available
to ascertain financial linkages that warrant a continuation of
combined approach.
Outlook: Stable
Formed in 2001, Raghuratna Agro Industries (RAI) is a
proprietorship firm managed by Mrs. Sapna Kalantri. It is a part of
Ambika group and is engaged in trading, sorting and grading of
pulses. The processing unit is situated in Latur, Maharashtra.
RAI INFRASTRUCTURE: CRISIL Withdraws B Rating on INR12.60cr Loan
----------------------------------------------------------------
Crisil Ratings has withdrawn its rating on the bank facilities of
Rai Infrastructure (RI) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with Crisil Rating's policy on withdrawal of its rating
on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12.60 Crisil B/Stable/Issuer Not
Cooperating (Withdrawn)
Term Loan 1.61 Crisil B/Stable/Issuer Not
Cooperating (Withdrawn)
Term Loan 0.68 Crisil B/Stable/Issuer Not
Cooperating (Withdrawn)
Term Loan 1.3 Crisil B/Stable/Issuer Not
Cooperating (Withdrawn)
Term Loan 0.11 Crisil B/Stable/Issuer Not
Cooperating (Withdrawn)
Crisil Ratings has been consistently following up with RI for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of RI. This restricts Crisil
Ratings' ability to take a forward looking view on the credit
quality of the entity. Crisil Ratings believes that rating action
on RI is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, Crisil Ratings has
continued the rating on the bank facilities of RI to 'Crisil
B/Stable Issuer not cooperating'.
Established in 2010 as a proprietorship firm by Mr. Ramlal Rai, RI
trades in and processes dal and grains. The firm is based in Kareli
district, Madhya Pradesh.
RAM PRAVESH: CRISIL Raises Rating on INR4.85cr Bank Loan to B+
--------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, Crisil Ratings had migrated its
ratings on the bank facilities of Ram Pravesh Rai Estate Pvt Ltd
(RPREPL) to 'Crisil B/Stable/Crisil A4 Issuer Not Cooperating'.
However, the management has subsequently shared the information
necessary for a comprehensive review of the ratings. Consequently,
Crisil Ratings has migrated its ratings on the bank facilities of
RPREPL to 'Crisil B+/Stable/Crisil A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 15 Crisil A4 (Migrated from
'Crisil A4 ISSUER NOT
COOPERATING')
Cash Credit 1.95 Crisil B+/Stable (Migrated
from 'Crisil B/Stable ISSUER
NOT COOPERATING')
Cash Term Loan 1.77 Crisil B+/Stable (Migrated
from 'Crisil B/Stable ISSUER
NOT COOPERATING')
Proposed Working
Capital Facility 1.93 Crisil B+/Stable (Migrated
from 'Crisil B/Stable ISSUER
NOT COOPERATING')
Term Loan 4.85 Crisil B+/Stable (Migrated
from 'Crisil B/Stable ISSUER
NOT COOPERATING')
The ratings continue to reflect modest scale of operations,
exposure to intense competition and weak debt protection metrics.
These weaknesses are partially offset by the extensive experience
of the promoters in the civil construction industry, moderately
intensive working capital cycle and moderate capital structure.
Analytical Approach
Crisil Ratings has evaluated the standalone business and financial
risk profiles of RPREPL.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations: Revenues are modest around INR22.75
crore in fiscal 2024, similar to INR21.53 crore in fiscal 2023, and
is estimated at INR13.78 crore till December 2024 of fiscal 2025.
* Exposure to intense competition: The civil construction industry
is highly fragmented and the consequent intense competition may
continue to constrain scalability, pricing power and
profitability.
* Weakening debt protection metrics: The metrics have been modest
due to increase in debt levels. The interest coverage ratio
declined to 1.97 times in fiscal 2024, from 2.48 times in fiscal
2023, and is estimated at around 1.92 times in fiscal 2025. Net
cash accrual to adjusted debt was about 0.08 time in fiscal 2024
and is estimated at nearly 0.10 time in fiscal 2025.
Strengths:
* Extensive experience of the promoters: Benefits from the
two-decade-long experience of the promoters in the civil
construction industry, their strong insight on industry dynamics
and healthy relationship with principal customers should continue
to support the business. The company had order book of INR113 crore
to be executed over the medium term, thereby providing adequate
revenue visibility.
* Moderate working capital cycle: Company has a moderately
intensive but imporving working capital operation, with Gross
current assets days in the range of 51-210 days over the four
fiscals ended March 31, 2024 and stood at 51 days as on the same
date (estimated around 98 days as on March 31, 2025). Going
forward, it is expected to be around 80-100 days driven by moderate
inventory days.
* Moderate capital structure: The financial structure is moderate
marked by moderate networth of around INR11.03 Crore as on March
31, 2024 (estimated around INR11.70 Crore as on march 31, 2025).
Gearing and Total outside liabilities to adjusted networth
(TOL/ANW) are moderate around 1.33 times and 1.59 times as on March
31, 2024 (estimated around 1.31 times and 1.56 times as on March
31, 2025.)
Liquidity: Stretched
Bank limit utilisation was around 64.4% for the 12 months through
January 2025. Cash accrual is expected at INR1.16-2.16 crore per
annum, are tightly matched to meet yearly repayment obligation of
INR1.20-3.17 crore over the medium term. Unsecured loan extended by
the promoters (around INR1.34 crore as on March 31, 2024) should
partially support liquidity. Further, need based support is
expected from promoters.
Outlook: Stable
RPREPL will continue to benefit from the extensive experience of
the promoters along with its long track record in the civil
construction industry and sizeable order book.
Rating Sensitivity Factors
Upward factors
* Revenue increasing to more than INR50 crore while sustaining the
operating margin above 10%
* Sufficient cash accrual leading to build-up of liquidity, in the
absence of any capital expenditure
Downward factors
* Revenue declining below INR20 crore and a drop in margin
* Further deterioration of debt protection metrics
RPREPL, established in in 2003, undertakes civil construction works
in Bihar and also derives rental income from a commercial space
that it has developed and leased out to a hospital. Mr. Ram Pravesh
Rai and Mr. Abhishek Bhardwaj are the promoters.
RAWALWASIA YARN: CARE Lowers Rating on INR7.91cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Rawalwasia Yarn Dyeing Private Limited (RYDPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.91 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B; Stable
Long Term/ 12.00 CARE B-; Stable/CARE A4;
Short Term ISSUER NOT COOPERATING;
Bank Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and LT rating
downgraded from CARE B; Stable
and ST rating reaffirmed
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated February 08,
2024, placed the rating(s) of RYDPL under the 'issuer
non-cooperating' category as RYDPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RYDPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 24, 2024, January 3, 2025, January 13, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of RYDPL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Surat-based (Gujarat) RYDPL was incorporated in the year 1991 as a
private limited company with an objective to carry out the business
of yarn dying and printing activity however the company started the
yarn manufacturing activities. As on March 31, 2016, company has an
installed capacity of manufacturing 2500 MTPA of texturized yarn.
Till March 2013, it was getting the yarn manufactured by its group
entity Rawalwasia Textile Industries Private Limited on a job work
basis. However, from April
2013, RYDPL has started own manufacturing operations at its
premises. Moreover, from August 2013, RYDPL has also started coal
trading. RYDPL imports coal from Indonesia and sells coal to local
players in Surat which are into textile and agro processing
business. Many textile companies which use thermo-pack technology
which requires coal to heat boilers are customers of RYDPL.
Status of non-cooperation with previous CRA: Acuite has continued
ratings of RYDPL in 'Issuer Not Cooperating' category vide press
release dated March 01, 2024 on account of its inability to carry
out a review in the absence of the requisite information from the
company.
SANJIV OILS: CARE Lowers Rating on INR25.71cr LT Loan to B
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sanjiv Oils & Fats (SOF), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.71 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B+; Stable
Rationale and key rating drivers
CARE Ratings Ltd. had, vide its press release dated March 21, 2024,
placed the rating(s) of SOF under the 'issuer non-cooperating'
category as SOF had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. SOF continues to
be non-cooperative despite repeated requests for submission of
information through e-mails dated February 4, 2025, February 14,
2025 and February 24, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to bank facilities of SOF have been revised on
account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Sanjiv Oils & Fats (SOF; erstwhile Unnat Agro Industries) was
established in January 2016 as a partnership firm and is currently
being managed by Mr. Jaininder Kumar, Mr. Chandan Kumar and Mr.
Nawal Kishore. Presently, the firm is engaged in extraction of
edible oil as well as extraction of non-edible oil at its two
manufacturing facilities located at Ludhiana, Punjab and Distt.
Fatehgarh Sahib, Punjab. Besides SOF, the partners are also engaged
in managing another group concerns namely Sanjiv Industries. Sanjiv
Industries was established in 1988 as a partnership firm and is
engaged in manufacturing of cattle feed &
poultry feed.
SEKO BEC: CRISIL Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Seko Bec
Private Limited (SBPL) continue to be 'Crisil B/Stable/Crisil A4
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.5 Crisil A4 (Issuer Not
Cooperating)
Cash Credit 4.5 Crisil B/Stable (Issuer Not
Cooperating)
Letter of Credit 3 Crisil A4 (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SBPL for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SBPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBPL continues to be 'Crisil B/Stable/Crisil A4 Issuer not
cooperating'.
SBPL was set up in 1979 by Mr. Kesava Rao, Mr. Ramachandra Rao, and
their family members. The company manufactures drilling equipment
used for construction, quarrying, mining, and wells. It is based in
Hyderabad, Telangana.
SHRINIVASA CATTLE: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Shrinivasa Cattle Feeds
Private Limited (SCFPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 27.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SCFPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Shrinivasa Cattle Feeds Private Limited (SCFPL) was incorporated by
Mr. Sriram Medewar and Mr. Deelip Chakkarwar in 1993 and is engaged
in extraction of edible, non-edible oils and de-oiled cakes (DOC).
The company has an extraction unit with a capacity of 200 Metric
Tonnes Per Day (MTPD) and a refining unit with a capacity of 50MTPD
at Nanded. The company is currently managed by the sons of the
promoters, Mr. Sunil Medewar and Mr. Rohan Chakkarwar.
SHYAM ENTERPRISES: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shyam
Enterprises (SE) continue to be 'Crisil B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 33.3 Crisil B/Stable (Issuer Not
Cooperating)
Proposed Long Term 5 Crisil B/Stable (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with SE for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of SE
continues to be 'Crisil B/Stable Issuer not cooperating'.
Established as a partnership firm in 1992 by Shri Shyama Charan
Gupta, SE manufactures dairy products, such as SMP, ghee, milk,
dairy mix and butter, which are marketed under the Shyam brand. The
partners in the firm are Smt. Jamnotri Gupta, Mr. Vidup Agrahari,
Mr. Vibhav Agrahari, Mrs. Nilima Kailash and SBW Udyog Limited
(Group concern).
SKYWIN PAPER: CARE Lowers Rating on INR38.12cr LT Loan to B+
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Skywin Paper Industries Private Limited (SPIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 38.12 CARE B+; Stable; ISSUER NOT
Bank Facilities COOPERATING; Downgraded from
CARE BB-; Stable and moved to
ISSUER NOT COOPERATING category
Long Term/ 30.00 CARE B+; Stable/CARE A4; ISSUER
Short Term NOT COOPERATING; LT rating
Bank Facilities downgraded from CARE BB-;Stable
and ST rating reaffirmed and
moved to ISSUER NOT COOPERATING
category
Short Term
Bank Facilities 2.00 CARE A4; ISSUER NOT COOPERATING;
Rating moved to ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. (CARE Ratings) has been seeking information from
SPIPL to monitor the rating(s) vide e-mail communications March 18,
2025, March 7, 2025, February 25, 2025, February 7, 2025, January
6, 2025, and December 18, 2024, and numerous phone calls. However,
despite repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE Ratings has reviewed the rating based
on the best available information which however, in CARE Ratings
opinion is not sufficient to arrive at a fair rating. Further,
SPIPL has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE Ratings Ltd.'s rating on SPIPL bank facilities
will now be denoted as CARE B+; Stable/CARE A4; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Revision in ratings assigned to the bank facilities of SPIPL is on
account of non-availability of requisite information despite
repeated requests.
Ratings assigned to the bank facilities of SPIPL continue to remain
constrained on account of its nascent stage of operations, moderate
capital structure as well as debt coverage indicators and stretched
liquidity position during 8MFY23 (FY refers to August 1 to March
31) and FY24 (FY refers to April 01 to March 31). Ratings, further,
remained constrained on account of environment risk associated with
paper processing mills, profitability susceptible to volatility in
raw material prices and forex rate and highly fragmented and
cyclical paper industry. Ratings, also factors in ongoing debt
funded capex. The ratings, however, continue to derive strength
from experienced promoters and location advantage.
Analytical approach: Standalone
Outlook: Stable
CARE Ratings believes that the entity shall sustain its moderate
financial risk profile over the medium term.
Detailed description of key rating drivers
At the time of last rating on April 2, 2024, the following were the
rating strengths and weaknesses considered (updated for the audited
financials of FY24).
Key weaknesses
* Nascent stage of operations: In August 2022, SPIPL completed
capex of setting up of Kraft Paper Manufacturing unit at Surat,
Gujarat with total installed capacity of 65700 Metric Tons per day
(MTPD), thus reflecting limited track record. During 8MFY23 (refers
to August-March 2023) SPIPL has achieved total operating income
(TOI) of INR74.42 which grew to INR141.25 crore in FY24, on account
of full year of operation. SPIPL has reported moderate profit
margins marked by profit before interest, lease, depreciation and
tax (PBILDT) margin of 7.58% (FY23: 6.83%) and profit after tax
(PAT) margin of 2.85% (FY23:3.84%) in FY24.
* Moderate capital structure and debt coverage indicators: The
capital structure of SPIPL remains moderate, marked by an overall
gearing ratio of 1.75x as on March 31, 2024 (1.99x as on March 31,
2023). Furthermore, the debt coverage indicators also remain
moderate, marked by an PBILDT interest coverage and total debt to
gross cash accruals (TDGCA) of 2.65x and 7.88x, respectively,
during FY24 (2.36x and 9.99x, respectively, during FY23).
* Ongoing debt funded capex: SPIPL is currently setting up solar
power plant of 5MW for captive consumption. The total cost of
project is INR23.01 crore which will be funded through term loan of
INR19.43 crore and remaining though internal accruals and unsecured
loans. Till March 2024, the cost of INR0.15 crore has been incurred
which was funded through internal accruals.
* Environment risk associated with paper processing mills: Water is
a key element in the production of paper as it is consumed in major
processes like raw material cleaning, pulp mill etc. Moreover, the
paper manufacturing process leads to high volume of effluents as
major proportion of water intake is discharged as effluent. SPIPL's
manufacturing facility consumes waste paper as a raw material and
in order to ensure required treatment of waste water released from
the plant. Bore-well is set up at factory site to fulfil the
requirement of water.
* Profitability susceptible to volatility in Raw material prices
and forex rate: The key raw material used in manufacturing of Kraft
paper is waste paper, which forms the majority portion of the raw
material in the paper packaging industry. The price of waste paper
is driven by global demand-supply dynamics and is subject to price
volatility, as India imports waste paper for processing. India's
major waste paper import demands are met by USA and Europe; however
European Union has banned export of waste paper to India, supplies
from USA are also undergoing challenges, as several Chinese paper
manufacturers have set-up manufacturing facilities in USA to
counter waste paper import ban of China. Along with supply
constraints of waste paper, the overall paper industry is also
undergoing challenges of rising prices of chemicals and fuel.
However, the raw material cost increase is largely pass-through to
consumers. Further, SPIPL currently imports 83% of total raw
material requirement USA, UAE etc.; this exposes it to volatility
in forex rates on its net foreign exchange payable in absence of
any significant hedging policy in place.
* Highly Fragmented and cyclical paper industry: Indian paper and
paper board industry is highly fragmented with stiff competition
from large number of organized as well as unorganized players. This
limits the pricing power of the manufacturers to an extent. The
prospects of paper manufacturer using recycling processes are
dependent on the waste paper market trend. For decades China was
the world's largest importer of waste paper but in July 2017 it
announced that it will ban imported waste papers to protect China
from becoming world's dumping ground, which continued in Jan 2021
as well. It resulted in drastic effect on waste paper prices and
average prices of mixed waste paper slumped on account of an
oversupply of waste paper in the global market and they declined
till the outbreak of COVID 19 pandemic. Post which same started
increasing along with increase in logistic cost due to
non-availability of containers, rise in freight and coal costs.
This resulted in higher prices for Duplex paper, Kraft paper and
corrugated paper boxes in India.
Key strengths
* Promoter Experience through group entities: SPIPL is been
promoted by 4 promoters viz. Mr. Jagdish Bhimani, Mr. Gopal
Dhamsaniya, Mr. Amrut Kasundra and Mr. Mohit Santoki. All the three
promoters except Mr. Mohit Santoki has more than 2 decades of
experience while Mr. Mohit Santoki has decade of experience through
their group entities named Skywin Projects & Skywin Enterprise.
* Location Advantage: The manufacturing facility is located at
Surat, Gujarat with very well-connected roads & infrastructure.
Transportation cost of raw material is a big saving in the given
location considering proximity of Hazira Port from plant location.
Skilled mechanics & technocrats to conduct any repairing jobs of
machineries is also easily available considering nearby Vapi city,
which is very famous for its Kraft Paper Industries. SPIPL will
mainly sell its products in Gujarat, Madhya Pradesh and
Maharashtra.
Surat, Gujarat based Skywin Paper Industries Private Limited
(SPIPL) was incorporated in November 10, 2020, by 4 promoters viz.
Mr. Jagdish Bhimani, Mr. Gopal Dhamsaniya, Mr. Amrut Kasundra and
Mr. Mohit Santoki. The company is engaged into manufacturing and
selling of Kraft Paper ranging from 18 to 24 BF and 100 to 300 GSM-
broadly used in packaging industry.
SPLENORA TEXTURES: CARE Lowers Rating on INR42.27cr LT Loan to B
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Splenora Textures LLP (STL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 42.27 CARE B; Stable; Downgraded from
Bank Facilities CARE B+; Stable
Short Term
Bank Facilities 2.50 CARE A4 Reaffirmed
Rationale and key rating drivers
The revision in ratings assigned to the bank facilities of STL is
on account of decline in scale of operations in FY25 resulting in
significantly lower than envisaged gross cash accruals and
moderation in debt coverage indicators and elongation of debtors as
on December 31, 2024.
The ratings assigned to the bank facilities of Splenora Textures
LLP continues to remain constrained on account of moderately
leveraged capital structure and weak debt coverage indicators,
moderate scale of operations and profitability and stretched
liquidity. Further, the ratings also remain constrained on account
of susceptibility of its profitability to volatile cotton yarn
prices and its presence in highly fragmented and competitive
industry.
The ratings, however, derives strength from STL's experienced
promoters and strategic location of its manufacturing unit in the
cotton producing cluster of Gujarat.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Sustained volume driven growth with total operating income (TOI)
above INR 50 crore along with profit before interest, lease,
depreciation and tax (PBILDT) margin above 10% on sustained basis.
* Improvement in gross current asset days to less than 120 days.
Negative factors
* Decline in scale of operations and profitability from current
level.
* Any debt funded capex resulting in moderation in capital
structure with overall gearing of more than 4x and further stretch
on liquidity.
Analytical approach: Standalone
Outlook: Stable
CARE Ratings Limited (CARE Ratings) believes that the firm will
continue to benefit from the extensive experience of the partners
in the textile industry.
Detailed description of key rating drivers:
Key weaknesses
* Moderate scale of operations and profitability: Over the years,
STL's scale of operations remained moderate and volatile as per the
demand for denim fabrics and volatility associated with cotton yarn
prices. In FY24, STL's TOI increased by 15% y-o-y and stood at
INR60.22 crore as against INR52.39 crore in FY23. The improvement
in TOI was on account of traction in demand of cotton fabric.
However, in 11MFY25, STL has achieved TOI of INR25 crore only. The
decline in scale during the first 11 months of FY25 was due to
non-availability of credit for purchase of its raw material viz.
cotton yarn, while its customers demanded higher credit period of
approximately 40-45 days. Consequently, the firm lacked sufficient
liquidity, leading to a slowdown in STL's operations. PBILDT margin
of the firm increased substantially by 735 bps from 7.99% in FY23
to 15.34% in FY24. The improvement was on account of decline in
cotton yarn prices. In line with the improvement in PBILDT, STL
achieved positive profit after tax (PAT) of INR1.02 crore in FY24
as against net loss of INR 3.88 crore in FY23.
* Moderately leveraged capital structure and weak debt coverage
indicators: The capital structure of STL remained moderately
leveraged marked by overall gearing of 1.18x as on March 31, 2024.
The net worth base of the firm remained moderate at 37.73 crore as
on year end. The improvement in overall gearing was on account of
repayment of term debt obligations and reclassification of USL of
INR17.42 crore from debt to quasi equity as per the sanction letter
terms. The debt profile of the company consists of term loan of
INR36.51 crore, working capital borrowings of INR7.95 crore and USL
from related parties of INR0.16 crore. The debt coverage indicators
of the firm remained weak marked by PBILDT interest coverage of
1.72x and Total debt/GCA of 10.69x.
* Susceptibility of profitability to volatile cotton prices: Major
raw material for STL is cotton yarn whose prices are directly
linked to cotton prices which are highly volatile in nature. The
cotton prices in India are regulated through fixation of Minimum
Support Price (MSP) by the government, and fortunes of cotton
textile players depend on the price parity between the price fixed
by the government and those prevailing in the market. Moreover,
export of cotton is also regulated by government through quota
systems to suffice domestic demand for cotton. Hence, any adverse
change in government policy i.e., higher quota for any particular
year, ban on the cotton or cotton yarn export may negatively impact
the prices of raw cotton in domestic market and could result in
lower realizations and profitability. Also, cotton
being a seasonal crop, the production of the same is highly
dependent upon the monsoon. Thus, inadequate rainfall affects the
availability of cotton in adverse weather conditions.
* Presence in a highly fragmented and competitive industry: STL
operates in a highly fragmented and unorganized market of the
textile industry marked by large number of small sized players. The
industry is characterized by low entry barrier due to minimal
capital requirement and easy access to customers and suppliers.
Also, the presence of big sized players with established marketing
and distribution network results into intense competition in the
industry.
Key strengths
* Experienced promoters: Promoters of the firm namely Mr. Nirav
Kasundra, B.E. (Mechanical) by qualification, Mr. Jignesh Saradava,
Master of Science by qualification, Mr. Parth Saradva, B.E.
(Mechanical) by qualification, Mr. Keshavji Saradava, M.A., B.Ed.,
by qualification, all are holding average experience of more than a
decade in textile industry. The partners have also infused
additional INR 2.10 crore in the form of capital and INR1.79 crore
through USL in 11MFY25 to support operations.
* Strategic location of its manufacturing unit in the cotton
producing cluster of Gujarat: The manufacturing facility of STL is
located near Rajkot in the state of Gujarat which is one of the
largest cotton producing belts in India. Gujarat produces around
35% of total national production of cotton and hence raw material
(cotton yarn) is available in adequate quantity.
Liquidity: Stretched
Liquidity of STL remained stretched marked by shortfall in gross
cash accruals (GCA) vis-a-vis its term debt obligations and high
utilisation of its working capital limits. The firm is expected to
generate cash accruals of INR4.00-6.00 crore in FY25-FY27 period
which is insufficient to meet its long-term debt repayment
obligations of INR7.00-Rs.8.00 crore during the same period. The
average utilisation for the fund based working capital limits
remained at ~83% for the past 12 months ending December 2024.
Further, unencumbered cash and bank balance with the firm remained
low at 0.27 crore as on March 31, 2024. Cash flow from operations
(CFO) continued to remain positive and stood at INR3.10 crore in
FY24 as against INR4.15 crore in FY23.
As on December 31, 2024, STL had outstanding receivables of
INR16.03 crore, out of which INR14.25 crore was outstanding for a
period of over 120 days. However, as per the management, these
parties are frequent customers of STL and expects to receive the
amount in next financial year.
Morbi (Gujarat) based Splenora Textures LLP (STL) is a limited
liability partnership firm incorporated in the year 2017 and led by
Mr. Nirav Saradava, Mr. Jignesh Saradava, Mr. Parth Saradava and
Mr. Keshavji Saradava. STL has set up a plant for manufacturing
denim fabric and grey fabric with installed capacity of 8.50 lakh
meters per annum. STL's facilities are located at Morbi which is
one of the industrial hubs of Saurashtra. STL has started its
commercial operations from April 2019.
SUPREME MANOR: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities and
non-convertible debentures of Supreme Manor Wada Bhiwandi
Infrastructure Private Limited (SMWBIPL) continue to be 'Crisil D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - Crisil D (ISSUER NOT
COOPERATING; Rating continues
at the same level)
Non Convertible 36.72 Crisil D (ISSUER NOT
Debentures COOPERATING; Rating continues
at the same level)
Crisil Ratings has been following up with SMWBIPL for getting
information through letter and email, dated February 13, 2025.
However, the issuer has continued to be non-cooperative. This led
Crisil Ratings to carry out rating surveillance with the best
available information.
The investors, lenders, and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at
without any management interaction and is based on best available
or limited or dated information on the company. Such
non-cooperation by a rated entity may be a result of deterioration
in its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings has not received any information on either financial
performance or strategic intent of SMWBIPL. This restricts Crisil
Rating's ability to take a forward-looking view on the entity's
credit quality. Crisil Ratings believes that the rating action on
SMWBIPL is consistent with 'Assessing information adequacy risk'.
Based on the last available information, the ratings on bank
facilities and non-convertible debentures of SMWBIPL continues to
be 'Crisil D Issuer Not Cooperating'.
SMWBIPL has been incorporated as a special-purpose vehicle for
four-laning of 54.32 kms Manor - Wada section of SH-34, and 40.07
kms Wada - Bhiwandi section of SH-35, on a built, operate and
transfer (BOT) toll basis. The scope of work includes widening of
the existing 94.39 kms two-lane road stretch and its improvement,
operation and maintenance. The entire project highway is located in
the district of Thane.
T I MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of T I Motors
Private Limited (TIMPL) continue to be 'Crisil B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Adhoc Limit 2.4 Crisil B/Stable (Issuer Not
Cooperating)
Cash Credit 1.5 Crisil B/Stable (Issuer Not
Cooperating)
Drop Line
Overdraft Facility 0.75 Crisil B/Stable (Issuer Not
Cooperating)
Drop Line
Overdraft Facility 1.75 Crisil B/Stable (Issuer Not
Cooperating)
Electronic Dealer
Financing Scheme
(e-DFS) 12 Crisil B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with TIMPL for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of TIMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TIMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TIMPL continues to be 'Crisil B/Stable Issuer not cooperating'.
TIMPL, incorporated in 2000, is an authorised dealer of Ford's
entire range of passenger cars for the Guwahati and Tinsukia
regions in Assam. In addition, the company sells spares, and
accessories, and provides services for Ford's passenger cars. The
company currently has four showrooms, two in Guwahati, and one each
in Tinsukia and Dibrugarh (commenced operations in November 2016).
It also has four service centres and two full body workshops in
Guwahati, and operates a 4-bays service center in Tinsukia, and one
service centre in Dibrugarh.
TARA CHAND: ICRA Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Tara Chand Rice Mills Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 150.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with TCRM, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
TCRM Private Limited took over Tara Chand Rice Mills on September
5, 2013, along with all its assets and liabilities. The company is
primarily involved in milling basmati rice. TCRM's milling unit is
based at Nissing in Karnal, Haryana and is close to the local grain
market. The company also exports rice to countries such as Saudi
Arabia and Dubai.
THEME EXPORT: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Theme Export
Private Limited (TEPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Bill 11 CRISIL D (ISSUER NOT
Discounting COOPERATING)
Packing Credit 12 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 2.4 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Standby Export 4.6 CRISIL D (ISSUER NOT
Packing Credit COOPERATING)
Crisil Ratings has been consistently following up with TEPL for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of TEPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
TEPL was incorporated in 1997, promoted by Ms Nandini Singh and Ms
Ratna Singh. The company manufactures embroidery-based, designer,
high-end fashion products such as garments and accessories,
primarily for export. The manufacturing facility is at Okhla, New
Delhi.
TIRUPATI BALAJI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tirupati
Balaji Agri Link (TBAL) continue to be 'Crisil B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.75 Crisil B+/Stable (Issuer Not
Cooperating)
Long Term Loan 7.17 Crisil B+/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with TBAL for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of TBAL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TBAL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TBAL continues to be 'Crisil B+/Stable Issuer not cooperating'.
Established in 2019 as a partnership firm where business operations
are handled by Mr. Jagdishkumar Devchandji Kachhawa and Mr. Shyam
Kanjibhai Virani, TBAL provides cold storage facility at its unit
in Banaskantha, Gujarat.
TOTAL EARTH: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Total Earth
Movers Private Limited (TEMPL) continues to be 'Crisil B/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 Crisil B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with TEMPL for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of TEMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TEMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TEMPL continues to be 'Crisil B/Stable Issuer not cooperating'.
TEMPL was incorporated in 2009, promoted by Mr. Pravin Gupta, who
manages operations along with his son. The company is an authorised
dealer of Tata Hitachi's hydraulic excavators, excavator loaders,
wheel loaders, transit mixers, and compactors. While the head
office is in Mumbai, the company has nine spare part outlets in
Bhiwandi, Vasai, Panvel, Jalgaon, Dhule, Nashik, Aurangabad, Beed,
and Nanded, all in Maharashtra.
TRANS ENGINEERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Trans
Engineers India Private Limited (TEIPL) continues to be 'Crisil
B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 30 Crisil B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with TEIPL for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of TEIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TEIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TEIPL continues to be 'Crisil B+/Stable Issuer not cooperating'.
Incorporated in 2000 and promoted by Mr. S K Sahu, TEIPL
manufactures customised process plants and equipment (air-system
units, custom-built equipment, paint booths, piping systems, liquid
storage and transfer systems, heat exchanges, and storage tanks)
for the automotive, chemical, pharmaceutical, petrochemical, and
fertiliser industries. The company has two manufacturing units in
Chikhali, Pune (Maharashtra).
VENKATALAKSHMI SPINNERS: CRISIL Keeps B Ratings in Not Coop.
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Venkatalakshmi Spinners Private Limited (SVSPL) continue to be
'Crisil B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 Crisil B/Stable (Issuer Not
Cooperating)
Long Term Loan 3.44 Crisil B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SVSPL for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SVSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SVSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SVSPL continues to be 'Crisil B/Stable Issuer not cooperating'.
Incorporated in 1981 in Udumalpet, Tamil Nadu, and promoted by Mr.
VS Balasubramaniam, SVSPL manufactures polyester cotton blended
yarn. Operations are managed by the promoter's son, Mr. Gopinath.
VIJAY AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vijay Agro
Products Private Limited (VAPPL) continue to be 'Crisil
B/Stable/Crisil A4 Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.13 Crisil A4 (Issuer Not
Cooperating)
Cash Credit 20.50 Crisil B/Stable (Issuer Not
Cooperating)
Proposed Fund-
Based Bank Limits 0.37 Crisil B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with VAPPL for
obtaining information through letter and email dated March 12, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of VAPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VAPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VAPPL continues to be 'Crisil B/Stable/Crisil A4 Issuer not
cooperating'.
VAPPL, incorporated in 1983 in Vijayawada (Andhra Pradesh) by Mr. M
Rajaiah and his family, manufactures crude and refined RBO and
de-oiled cake. The company's manufacturing unit is in Enikepadu
(Andhra Pradesh), it also has a 4-megawatt biomass-based
cogeneration plant.
=====================
N E W Z E A L A N D
=====================
AK AIR: Grant Bruce Reynolds Appointed as Liquidator
----------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on April 4, 2025, was
appointed as liquidator of AK Air Conditioning & Refrigeration
Limited.
The liquidator may be reached at:
Grant Bruce Reynolds
Reynolds & Associates Limited
PO Box 259059
Botany
Auckland 2163
CONTROL PLUS: Court to Hear Wind-Up Petition on May 8
-----------------------------------------------------
A petition to wind up the operations of Control Plus Limited will
be heard before the High Court at Auckland on May 8, 2025, at 10:45
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 29, 2024.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
GEORGE ALICE: Liquidation of Two Transport Companies Completed
--------------------------------------------------------------
The Timaru Herald reports that the liquidations of two transport
companies have been completed with both folding due to a failure to
account for taxation.
Winchester-based rural transport company George Alice Holdings Ltd
was placed into liquidation on November 11 at the request of IRD.
The company which was owned by sole director and shareholder Geremy
Lester owed the tax department more than NZD69,000 and a
preferential creditor, the Bank of New Zealand, more than
NZD76,000. Monument Finance was also listed as a secured creditor.
According to The Timaru Herald, the Official Assignee was appointed
to oversee the liquidation and filed a final report in February
saying there were no assets recovered and no funds for creditors.
"The director has not been located and a statement of affairs has
not been received. Investigations through various databases and
other available avenues, has not recovered any assets of interest
to creditors in this liquidation.
"As there are no assets in this liquidation, the Official Assignee
as liquidator is not required to carry out any duty or exercise any
power in connection with this liquidation in circumstances
. . . likely to involve incurring expense, therefore section 254(b)
of the Companies Act 1993 applies and this liquidation will now be
completed."
Ōamaru-based log transport company Campbell Haulage Ltd was also
put into liquidation on the same date, at the request of IRD.
The company, which was owned by sole director and shareholder Jason
Campbell, owed IRD more than NZD101,000.
The Timaru Herald relates that the Official Assignee was also
appointed to oversee the liquidation and said there were no assets
and under the same section of the Companies Act as above, the
liquidation process was completed in January.
"The director has been located, and a statement of affairs has been
received. A review of the company bank statements has not
identified any transactions warranting further examination."
HANSELLS MASTERTON: Placed Into Receivership
--------------------------------------------
The Post reports that a company belonging to FMCG business owner
Harry Hart and his father, Rich Lister Graeme Hart, has appointed
receivers over Hansells Masterton Ltd, a company they have used as
a contract manufacturer for many years, and which now owes them
money.
The Hart's Walter & Wild Limited on April 10 appointed Andrew McKay
and Rees Logan, from BDO Auckland, as receivers over the
Wairarapa-based contract manufacturer, which has been operating
since 1934, The Post discloses.
According to The Post, the amount of money owed to the Harts has
not been revealed and a spokesperson said it would not be disclosed
while receivers were undertaking due process.
The Masterton business had separated from Hansells Food Group in
2014, and was bought and operated by Masterton locals under the
leadership of local accountant Alan Stewart, The Post discloses.
The company originally produced just Hansells product lines, but
then expanded, employing 60 locals at one point.
In 2018, the Harts purchased the assets of the insolvent,
Auckland-based Hansells Food Group - primarily its powdered yoghurt
and desserts lines - for $15 million. The food company had
accumulated losses of $66.5 million and had seen revenue drop to
just $96 million in the March 2018 year, from $188 million in 2013,
according to The Post. The Harts rolled the business into a
newly-created entity called Walter & Wild, along with Hubbard
Foods, the Gregg's sauce unit and the Hansells assets, and Emerald
Food Groups, licensee for Movenpick, which it added in 2021, along
with others.
But in 2023, the Harts decided to sell its Hansells brands to
Hansells Masterton, while continuing to contract the Masterton
business to make a variety of its products.
Now it has tipped the Masterton business into receivership, The
Post relays.
The Post relates that Isi Tupou, chief operating officer of Walter
& Wild said in a statement the company had worked with Hansells
Masterton and its executive chairman, Alan Stewart, "for a very
long time. They have contract manufactured a range of our products
over time.
"Like many businesses in NZ, it has been affected by the current
economic downturn and continued global supply chain challenges. We
will support the appointed receiver, BDO, as they explore various
avenues for the business, its employees and other stakeholders."
The Post adds that the receivers said they were undertaking an
urgent assessment of the business, focusing on identifying and
implementing cost-saving measures in order to find a new buyer for
the business.
HOLY GUACAMOLE: Court to Hear Wind-Up Petition on May 6
-------------------------------------------------------
A petition to wind up the operations of Holy Guacamole Limited will
be heard before the High Court at Rotorua on May 6, 2025, at 10:00
a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Feb. 25, 2025.
The Petitioner's solicitor is:
Christina Anne Hunt
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
NZ PANEL: Creditors' Proofs of Debt Due on May 3
------------------------------------------------
Creditors of NZ Panel Limited are required to file their proofs of
debt by May 3, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on April 3, 2025.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
WILSON BARBECUE: Creditors' Proofs of Debt Due on May 16
--------------------------------------------------------
Creditors of Wilson Barbecue Limited are required to file their
proofs of debt by May 16, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on April 3, 2025.
The company's liquidators are:
Richard Nacey
Judith Shields
Wilson Barbecue Limited
C/o PwC
PwC Wellington
PO Box 243
Wellington 6140
=================
S I N G A P O R E
=================
BLACK & WHITE: Commences Wind-Up Proceedings
--------------------------------------------
Members of Black & White Bistro Pte. Ltd. on March 24, 2025, passed
a resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Farooq Ahmad Mann
No. 3 Shenton Way
#03-06C Shenton House
Singapore 068805
CRAFT DRINKS: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on March 21, 2025, to
wind up the operations of Craft Drinks Pte. Ltd.
Wine & Whisky Pte. Ltd filed the petition against the company.
The company's liquidator is:
Ng Hoe Kiat Keith
c/o Reliance Audit PAC
7500A Beach Road
#05-303/304 The Plaza
Singapore 199591
EHUB HOLDINGS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on March 28, 2025, to
wind up the operations of Ehub Holdings Pte. Ltd.
United Overseas Bank Limited filed the petition against the
company.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
c/o BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
VERDANT HABITATS: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Verdant Habitats Pte. Ltd. on March 27, 2025, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Ng Hoe Kiat Keith
7500A Beach Road
#05-303/304 The Plaza
Singapore 199591
ZENITHX GLOBAL: Creditors' Meetings Set for April 14
----------------------------------------------------
Zenithx Global Pte. Ltd. will hold a meeting for its creditors on
April 14, 2025, at 4:30 p.m., via electronic means.
Agenda of the meeting includes:
a. to o lay before the creditors a full statement of the
affairs of the Company, in respect of assets the method and
manner in which the valuation of the assets was arrived at,
together with a list of the creditors and the estimated
amount of their claims;
b. to pass a resolution to appoint Mr Cosimo Borrelli of Kroll
Pte. Limited c/o 10 Collyer Quay #05-04/05 Ocean Financial
Centre, Singapore 049315 as Liquidator of the Company for
the purposes of the winding up of the Company, and that his
remuneration be based on his normal scale rates and be paid
out of the Company’s assets;
c. to pass a resolution to authorise the Liquidator to open,
maintain, and operate any bank account or an account for
monies received as Liquidator of the Company with such bank
as the Liquidator deem fit, and the authorized signatories
of such bank account(s) be appointed by the Liquidator;
d. to pass a resolution that the Liquidator be at liberty to
appoint a solicitor to assist them in his duties, if
required;
e. to consider and if thought fit, to pass a resolution to
appoint a Committee of Inspection of not more than five
members; and
f. Any other business
Mr. Cosimo Borrelli of Kroll Pte. Limited was appointed as
Provisional Liquidator of the company on April 1, 2025.
[] SINGAPORE: Eateries in Foodie Haven Close as Costs Rise
----------------------------------------------------------
Reuters reports that Singapore's well-known food scene has been
battered by closures in the past year, affecting low-cost hawker
stalls, mid-sized operators and Michelin-star restaurants, who say
costs are rising and consumers are spending less.
Closures in the food and beverage sector have averaged 307 per
month so far this year, up from 254 per month in 2024 and around
230 a month in 2023 and 2022, Reuters discloses citing government
data.
Alvin Goh, a co-founder of Wine RVLT, is set to add to the
statistics later this year, according to Reuters.
He said he will not renew his lease when it runs out in August
after almost a decade serving natural wines and bar bites in the
wealthy Asian financial hub of 6 million people.
"We've been in the red since 2023 June. We've been topping up money
to ensure that rent, salaries and suppliers are being paid,"
Reuters quotes Mr. Goh as saying.
Like other operators, Mr. Goh has been hit by rising costs for
goods, utilities, rent and salaries. He has fewer patrons and those
who do dine and wine are spending less than during what Goh called
the 2022 "euphoria of opening up" following the COVID pandemic.
Reuters says the ratio of closures to openings in 2025 and 2024 was
higher than before and during the pandemic, pointing to a shrinking
sector.
Closures since last year have affected a range of establishments,
from low-cost hawker stalls to rooftop bar Smoke & Mirrors and a
string of Michelin-starred restaurants such as Art di Daniele
Sperindio and Sommer and Braci, Reuters relays.
According to Reuters, Maybank economist Brian Lee expects closures
to remain elevated in 2025. Operating costs remain high and many
Singaporeans are prioritising travel over dining out, he said.
One of those is Glenn Chew, 26, who works in public relations. He
said he travels to other Southeast Asian cities where dining out
can cost 30-40% less than in Singapore.
The concern is that closures will lead to a loss of the island's
culinary heritage and its status as an Asian food capital, said
food blogger Seth Lui, 40, Reuters relays.
"We will start to see more fast food-style concepts with automation
and franchise brands everywhere rather than having unique, quaint
concepts," he said.
Still, there are hopefuls like Jay Gray, 34, co-owner of Club
Street Laundry restaurant which opened this year, his sixth venture
in 11 years.
"I guess I believe in the Singapore market enough and I do believe
if you focus on hospitality, which is the most important thing,
you'll be able to sustain it," he said.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2025. All rights reserved. ISSN: 1520-9482.
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